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Entrepreneurship, Economic Risks, and Risk-Insurance in the Welfare State

Pekka Ilmakunnas (), Vesa Kanniainen and U. Lammi

University of Helsinki, Department of Economics from Department of Economics

Abstract: We find strong evidence in the OECD country panel to support the Knightian view that non-diversifiable economic risks shape the equilibrium entrepreneurship in an occupational choice model. Differential social insurance of entrepreneurial and labor risk is found to be statistically significant and detrimental to entrepreneurship.

Keywords: RISK; INSURANCE; BUSINESS FINANCING; GOVERNMENT (search for similar items in EconPapers)
JEL-codes: D2 G3 H1 L2 (search for similar items in EconPapers)
Pages: 22 pages
Date: 1999
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