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Are inefficient entrepreneurs driven out of the market?
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Beker, Pablo (2004) Are inefficient entrepreneurs driven out of the market? Journal of Economic Theory, Vol.114 (No.2). pp. 329-344. doi:10.1016/S0022-0531(03)00126-1 ISSN 0022-0531.
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Official URL: http://dx.doi.org/10.1016/S0022-0531(03)00126-1
Abstract
This paper challenges the widespread belief that competitive markets favor entrepreneurs who operate efficient technologies. In the context of a dynamically incomplete markets model, I show that, ceteris paribus, entrepreneurs operating efficient technologies can be driven out of a competitive market by entrepreneurs operating inefficient technologies.
| Item Type: | Journal Article | ||||
|---|---|---|---|---|---|
| Subjects: | H Social Sciences > HB Economic Theory | ||||
| Divisions: | Faculty of Social Sciences > Economics | ||||
| Journal or Publication Title: | Journal of Economic Theory | ||||
| Publisher: | Academic Press | ||||
| ISSN: | 0022-0531 | ||||
| Official Date: | February 2004 | ||||
| Dates: |
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| Volume: | Vol.114 | ||||
| Number: | No.2 | ||||
| Page Range: | pp. 329-344 | ||||
| DOI: | 10.1016/S0022-0531(03)00126-1 | ||||
| Status: | Peer Reviewed | ||||
| Publication Status: | Published | ||||
| Access rights to Published version: | Restricted or Subscription Access | ||||
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