Publikation: Entrepreneurial Elites : industry Structure Investment, and Welfare Effects of Incubating New Business
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2007
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Fabel, Oliver
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Zusammenfassung
We compare two institutional regimes in which individuals with complementary task abilities found entrepreneurial partnerships: corporate spin-offs of initially randomly matched production teams and the rational matching of such teams in an incubator organization. The alternative consists of seeking employment in industrial firms which pay a certain wage. This wage reflects the expected team quality assuming that all professionals who do not found firms themselves are randomly matched in production teams. Each institutional setting gives rise to a unique efficient competitive equilibrium such that both industrial and entrepreneurial firms coexist. The efficient incubator equilibrium induces a larger entrepreneurial sector in the industry. However, simulations show that neither of the two regimes unambiguously yields higher industry-wide investments. Higher degrees of risk-aversion (interest-rates) render the efficient spin-off (incubator) equilibrium welfare dominant.
Zusammenfassung in einer weiteren Sprache
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330 Wirtschaft
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complementary abilities, entrepreneurial partnership, spin-off, incubator organization, random vs. rational matching
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FABEL, Oliver, Thomas WEBER, 2007. Entrepreneurial Elites : industry Structure Investment, and Welfare Effects of Incubating New BusinessBibTex
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year={2007},
series={Research paper series / Thurgauer Wirtschaftsinstitut},
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author={Fabel, Oliver and Weber, Thomas}
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