The effects of sectoral risk on the propensity to become self-employed are analysed. In contrast to previous studies which assume risk is concentrated only in the self-employment sector, a general equilibrium model is constructed in which uninsurable risk exists in both the paid- and self-employed sectors. It is shown that when agents wish to mix self-employment and employee participation, the effects of sectoral risk on the optimal self-employment decision is ambiguous. This result disappears if agents choose instead to participate in one sector alone.
Small Business Economics – Springer Journals
Published: Sep 29, 2004
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