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Programs and Artificial Data for "An Estimated Structural Model of Entrepreneurial Behavior"

Resource Type
Dataset : other, program source code
  • Jones, John Bailey (Federal Reserve Bank of Richmond)
  • Pratap, Sangeeta (Hunter College & CUNY Graduate Center)
Publication Date
Free Keywords
Entrepreneurship; Firm Behavior; Investment; Farms
  • Abstract

    Using a rich panel of owner-operated New York dairy farms, we provide new evidence on entrepreneurial behavior. We formulate a dynamic model of farms facing uninsured risks and financial constraints. Farmers derive nonpecuniary benefits from operating their businesses. We estimate the model via simulated minimum distance, matching both production and financial data. We find that financial factors and nonpecuniary benefits are of first-order importance. Collateral constraints and liquidity restrictions inhibit borrowing and the accumulation of capital, especially among high productivity firms seeking to expand. The nonpecuniary benefits to farming are large and keep small, low-productivity farms in business. Although farmers are risk averse, eliminating uninsured production risk has only modest effects on capital and output.
Temporal Coverage
  • 2001-01-01 / 2011-12-31
    Time Period: Mon Jan 01 00:00:00 EST 2001--Sat Dec 31 00:00:00 EST 2011
Geographic Coverage
  • New York State
Collection Mode
  • Most of the data in this archive are artificial.  We have included them to make the programs operative.

This study is freely available to the general public via web download.
  • Is version of
    DOI: 10.3886/E118183
  • Jones, John Bailey, and Sangeeta Pratap. “An Estimated Structural Model of Entrepreneurial Behavior.” American Economic Review 110, no. 9 (September 2020): 2859–98.
    • ID: 10.1257/aer.20170370 (DOI)

Update Metadata: 2020-09-02 | Issue Number: 1 | Registration Date: 2020-09-02

Jones, John Bailey; Pratap, Sangeeta (2020): Programs and Artificial Data for "An Estimated Structural Model of Entrepreneurial Behavior". Version: 1. ICPSR - Interuniversity Consortium for Political and Social Research. Dataset.