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Stars and Misfits: A Theory of Occupational Choice

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Abstract

In some datasets, the self-employed earn markedly less than wage earners, even though those at the top end of the distribution earn more than their wage-earning peers. This observation is explained by a model of entrepreneurial choice that blends Lazear's [Journal of Labor Economics, vol. 23, pp. 649-680 (2005)] notion that entrepreneurs must be skilled in a variety of activities with the strong complementarity between skills central to Kremer's [Quarterly Journal of Economics, vol. 108, pp. 551-575 (1993)] O-ring theory of production. We test some predictions of the model using two datasets, with mixed results.
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Dates and versions

hal-00655035 , version 1 (25-12-2011)

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  • HAL Id : hal-00655035 , version 1

Cite

Thomas B. Astebro, Jing Chen, Peter Thompson. Stars and Misfits: A Theory of Occupational Choice. 2010. ⟨hal-00655035⟩

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