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Article: A note on entrepreneurial risk, capital market imperfections, and heterogeneity

TitleA note on entrepreneurial risk, capital market imperfections, and heterogeneity
Authors
Luo, YGong, LZou, HF
KeywordsIdiosyncratic Entrepreneurial Risk
Incomplete Capital Markets
Wealth Distribution
Issue Date2010
PublisherCambridge University Press. The Journal's web site is located at http://journals.cambridge.org/action/displayJournal?jid=MDY
Citation
Macroeconomic Dynamics, 2010, v. 14 n. 2, p. 269-284 How to Cite?
DOI: http://dx.doi.org/10.1017/S1365100509090245
AbstractEmpirical evidence shows that entrepreneurs hold a large fraction of wealth, have higher saving rates than workers, and face substantial uninsurable entrepreneurial and investment risks. This paper constructs a heterogeneous-agent general equilibrium model with uninsurable entrepreneurial risk and capital-market imperfections to explore the implications of uninsurable entrepreneurial risk for wealth distribution and aggregate activity in an incomplete market economy. It is shown that entrepreneurial risk can substantially affect both the wealth distribution and the macroeconomy. © 2010 Cambridge University Press.
Persistent Identifierhttp://hdl.handle.net/10722/177772
ISSN
1365-1005
2021 Impact Factor: 1.325
2020 SCImago Journal Rankings: 0.741
ISI Accession Number ID
WOS:000276482300008
References
References in Scopus

 

DC FieldValueLanguage
dc.contributor.authorLuo, Yen_US
dc.contributor.authorGong, Len_US
dc.contributor.authorZou, HFen_US
dc.date.accessioned2012-12-19T09:39:52Z-
dc.date.available2012-12-19T09:39:52Z-
dc.date.issued2010en_US
dc.identifier.citationMacroeconomic Dynamics, 2010, v. 14 n. 2, p. 269-284en_US
dc.identifier.issn1365-1005en_US
dc.identifier.urihttp://hdl.handle.net/10722/177772-
dc.description.abstractEmpirical evidence shows that entrepreneurs hold a large fraction of wealth, have higher saving rates than workers, and face substantial uninsurable entrepreneurial and investment risks. This paper constructs a heterogeneous-agent general equilibrium model with uninsurable entrepreneurial risk and capital-market imperfections to explore the implications of uninsurable entrepreneurial risk for wealth distribution and aggregate activity in an incomplete market economy. It is shown that entrepreneurial risk can substantially affect both the wealth distribution and the macroeconomy. © 2010 Cambridge University Press.en_US
dc.languageengen_US
dc.publisherCambridge University Press. The Journal's web site is located at http://journals.cambridge.org/action/displayJournal?jid=MDYen_US
dc.relation.ispartofMacroeconomic Dynamicsen_US
dc.subjectIdiosyncratic Entrepreneurial Risken_US
dc.subjectIncomplete Capital Marketsen_US
dc.subjectWealth Distributionen_US
dc.titleA note on entrepreneurial risk, capital market imperfections, and heterogeneityen_US
dc.typeArticleen_US
dc.identifier.emailLuo, Y: yluo@econ.hku.hken_US
dc.identifier.authorityLuo, Y=rp01083en_US
dc.description.naturelink_to_subscribed_fulltexten_US
dc.identifier.doi10.1017/S1365100509090245en_US
dc.identifier.scopuseid_2-s2.0-77951258472en_US
dc.identifier.hkuros170292-
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-77951258472&selection=ref&src=s&origin=recordpageen_US
dc.identifier.volume14en_US
dc.identifier.issue2en_US
dc.identifier.spage269en_US
dc.identifier.epage284en_US
dc.identifier.isiWOS:000276482300008-
dc.publisher.placeUnited Kingdomen_US
dc.identifier.scopusauthoridLuo, Y=23767888300en_US
dc.identifier.scopusauthoridGong, L=7202769743en_US
dc.identifier.scopusauthoridZou, HF=7202372832en_US
dc.identifier.issnl1365-1005-

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