Institutional Affiliation: Washington University in St. Louis
|The Right Stuff? Personality and Entrepreneurship|
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We construct a structural model of entry into self-employment to evaluate the impact of policies supporting entrepreneurship. Previous work has recognized that workers may opt for self-employment due to the non-pecuniary benefits of running a business and not necessarily because they are good at it. Other literature has examined how socio-emotional skills, such as personality traits, affect selection into self-employment. We link these two lines of inquiry. The model we estimate captures three factors that affect selection into self-employment: credit constraints, relative earnings and preferences. We incorporate personality traits by allowing them to affect sector-specific earnings as well as preferences. The estimated model reveals that the personality traits that make entrepreneurship p...
Published: Barton H. Hamilton & Nicholas W. Papageorge & Nidhi Pande, 2019. "The right stuff? Personality and entrepreneurship," Quantitative Economics, vol 10(2), pages 643-691.
|Innovation and Diffusion of Medical Treatment|
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This paper develops and estimates a dynamic structural model of demand for a multi-attribute product. The demand side equilibrium supports a product spectrum, the characteristics of which evolve over time in response to supply innovations induced by the composition and extent of aggregate demand. The direction and speed of innovation is inefficient because individuals create an externality by not accounting for their influence on the discovery process. We apply the model to drugs invented to combat the HIV epidemic, during which frequent, incremental innovations in medication were punctuated by sporadic breakthroughs. In this application products differ in their efficacy and their propensity to cause side effects. Our biennial data on four American cities track a replenished panel of indiv...
|Health, Human Capital and Domestic Violence|
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We study the impact of a medical breakthrough (HAART) on domestic violence and illicit drug use among low-income women infected with HIV. To identify causal effects, we assume that variation in women's immune system health when HAART was introduced affected how strongly their experience of domestic violence or drug use responded to the breakthrough. Immune system health is objectively measured using white blood cell (CD4) counts. Because the women in our sample were informed of their CD4 count, it is reasonable to assume they react to it. Using this identification strategy, we find that HAART introduction reduced domestic violence and illicit drug use. To explain our estimates, we treat health as a form of human capital and argue that women with more human capital face stronger incentives ...