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首页> 外文期刊>Journal of Economic Dynamics and Control >Endogenous growth and adverse selection in entrepreneurship
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Endogenous growth and adverse selection in entrepreneurship

机译：内生性增长和创业中的逆向选择

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摘要

This paper proposes a model of Schumpeterian endogenous growth incorporating the role of market imperfections that exist due to adverse selection between investors that finance R&D and entrepreneurs that perform R&D. There is a distribution of agents indexed by a skill factor that determines one's average productivity at performing research. An entrepreneur starts-up a research venture by borrowing from an investor that funds R&D so as to invent new goods. Skill is private information, creating an adverse selection problem for the investor who designs a truth-telling mechanism. We show that an increase in the mean skill enhances growth as it leads to greater R&D productivity and investment; while an increase in the dispersion of the skill distribution dampens growth as it makes the adverse selection problem between investors and entrepreneurs more severe. The growth rate would double in the absence of adverse selection. The R&D investment of the average size firm must be subsidized threefold for the negative adverse selection effect to be nullified. We provide U.S. industry-level and European sector-level evidence in favor of the positive scale effect and negative adverse selection effect using the firm size distribution (FSD) to proxy for the entrepreneurial skill distribution.
机译：本文提出了熊彼特式内生增长模型，该模型结合了由于为研发提供资金的投资者和从事研发的企业家之间的逆向选择而存在的市场不完善的作用。代理商的分布情况取决于技能因素，该因素决定了研究人员的平均生产率。企业家通过向资助研发的投资者借钱来开创研究企业，以发明新产品。技能是私人信息，这对设计真相讲述机制的投资者造成了不利的选择问题。我们表明，平均技能的提高会促进增长，因为这会导致更高的研发生产率和投资；而技能分布的分散性的增加会抑制增长，因为这会使投资者和企业家之间的逆向选择问题更加严重。在没有不利选择的情况下，增长率将翻倍。必须对中等规模企业的R＆D投资进行三倍补贴，以消除负面的逆向选择效应。我们使用企业规模分布（FSD）代替企业家技能分布，提供美国行业和欧洲行业的证据，支持正面规模效应和负面逆向选择效应。

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