The Opportunity Costs of Entrepreneurs in International Trade
Timothy Kehoe (),
Pau Salvador Pujolas () and
Kim Ruhl ()
No 533, Staff Report from Federal Reserve Bank of Minneapolis
We show that a trade model with an exogenous set of heterogeneous firms with fixed operating costs has the same aggregate outcomes as a span-of-control model. Fixed costs in the heterogeneous-firm model are entrepreneurs' forgone wage in the span-of-control model.
Keywords: Span-of-control model; Firm heterogeneity; Income distribution; International trade (search for similar items in EconPapers)
JEL-codes: D31 D43 F12 (search for similar items in EconPapers)
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Journal Article: The opportunity costs of entrepreneurs in international trade (2016)
Working Paper: The Opportunity Costs of Entrepreneurs in International Trade (2016)
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