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on Technology and Industrial Dynamics |
| By: | Claudio Campanale (Universidad de Alicante) |
| Abstract: | In this paper I present a calibrated model of life-cycle occupation and investment decisions where households choose between paid work and entrepreneurship and conditional on the latter how much of their savings to invest in their business. The returns to entrepreneurial activity are modeled through Bayesian learning. The model is able to reproduce the main stylized facts of entry in and exit out of self-employment over the life-cycle. It also suggests a partial explanation of the recent finding of Moskowitz and Vissing-Jørgensen (2002) that entrepreneurs seem not to require a premium for the extra risk of their private equity investment. |
| Keywords: | Occupational choice, portfolio choice, entrepreneurship, firm dynamics, learning, private equity premium |
| Date: | 2007–01 |
| URL: | http://d.repec.org/n?u=RePEc:ivi:wpasad:2006-29&r=tid |
| By: | Braunerhjelm, Pontus (CESIS - Centre of Excellence for Science and Innovation Studies, Royal Institute of Technology); Svensson, Roger (Research Institute of Industrial Economics) |
| Abstract: | According to Schumpeter, the creative process of economic development can be divided into three distinguishable stages of invention, innovation (commercialization) and imitation. We show why there is a rationale for the Schumpeterian entrepreneur to also include the inventor in the innovation process. In addition, we provide a framework where the theories of Knight’s risk defining entrepreneur and Schumpeter’s innovative entrepreneur can be bridged. Merging the two enhances the possibilities of successful commercialization since the inventor may further adapt the innovation to customer needs, transmit information and reduce uncertainty. This serves to expand the market opportunities for the entrepreneur. The empirical analysis is based on a survey covering Swedish patents granted to individuals and small firms, with a response rate of 80 %. The results show improved commercialization performance when the patent is licensed or sold to an entrepreneur, or if the inventor is employed in an entrepreneurial firm, as compared to commercialization in the inventor’s own firm. Another important result is that, irrespective of commercialization mode, an active involvement of the inventor is shown to have a positive impact on performance. |
| Keywords: | Entrepreneur; inventor; innovations; commercialization |
| JEL: | M13 O31 O32 |
| Date: | 2007–01–17 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:cesisp:0078&r=tid |
| By: | Acs, Zoltan (George Mason University, School of Public Policy); Audrestch, David (Indiana University, School of Environmental and Public Affairs); Braunerhjelm, Pontus (CESIS - Centre of Excellence for Science and Innovation Studies, Royal Institute of Technology); Carlsson, Bo (Case Western Reserve University, Weatherhead School of Management, Department of Economics) |
| Abstract: | Contemporary theories of entrepreneurship generally focus on the recognition of opportunities and the decision to exploit them. While the prevailing view in the entrepreneurship literature is that opportunities are exogenous, the most prevalent theory of economic growth suggests that opportunities are endogenous. This paper bridges the gap between the entrepreneurship and economic growth literatures by developing a knowledge spillover theory of entrepreneurship. Knowledge created endogenously results in knowledge spillovers that give rise to opportunities to be identified and exploited by entrepreneurs. |
| Keywords: | Opportunity; knowledge; entrepreneurship; knowledge filter |
| JEL: | J24 M13 O31 R10 |
| Date: | 2007–01–10 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:cesisp:0077&r=tid |