Adverse selection and entrepreneurship in a model of development
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Jaimovich, E (2010) Adverse selection and entrepreneurship in a model of development Scandinavian Journal of Economics, 112 (1). pp. 77-100.
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Official URL: http://dx.doi.org/10.1111/j.1467-9442.2009.01595.x
Abstract
This paper presents a theory in which talented entrepreneurs are identified as the key agents driving the process of development and modernisation. Entrepreneurial skills are private information, which prevents full risk sharing. Development into a modern industrial economy might fail to take place, since potentially talented entrepreneurs may refrain from taking on the entrepreneurial risks as a way to avoid income shocks. An interesting feature of the model is the fact that the informational asymmetries are endogenous to the process of development, as they are related to the heterogeneity in entrepreneurial skills required in the manufacturing activities. © The editors of the Scandinavian Journal of Economics 2010.
| Item Type: | Article | ||||||
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| Divisions : | Faculty of Arts and Social Sciences > School of Economics | ||||||
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| Date : | 1 March 2010 | ||||||
| DOI : | 10.1111/j.1467-9442.2009.01595.x | ||||||
| Additional Information : | This is the peer reviewed version of the following article: Jaimovich, E (2010) Adverse selection and entrepreneurship in a model of development Scandinavian Journal of Economics, 112 (1). 77 - 100. DOI:10.1111/j.1467-9442.2009.01595.x which has been published in final form at http://dx.doi.org/10.1111/j.1467-9442.2009.01595.x. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Self-Archiving. | ||||||
| Depositing User : | Symplectic Elements | ||||||
| Date Deposited : | 14 Oct 2015 17:53 | ||||||
| Last Modified : | 31 Oct 2017 17:43 | ||||||
| URI: | http://epubs.surrey.ac.uk/id/eprint/808822 |
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