A Unified Model of Entrepreneurship Dynamics
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We develop an incomplete-markets q-theoretic model to study entrepreneurship dynamics. Precautionary motive, borrowing constraints, and capital illiquidity lead to underinvestment, conservative debt use, under-consumption, and less risky portfolio allocation. The endogenous liquid wealth-illiquid
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美国国家经济研究局创建时间：
2011-03-01
