Smart and Illicit: Who Becomes an Entrepreneur and Do They Earn More?
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Previously circulated as "Smart and Illicit: Who Becomes an Entrepreneur and Does it Pay?" We thank Gary Becker, Moshe Buchinsky, David De Meza, Stephen Durlauf, Luis Garicano, Naomi Hausman, Erik Hurst, Chinhui Juhn, Ed Lazear, Gustavo Manso, Casey Mulligan, Ignacio Palacios-Huerta, Steffen Pischke, Luis Rayo, Andrei Shleifer, Chris Stanton, John Sutton, Ivo Welch, Noam Yuchtman, and seminar participants at the American Economic Association meetings, Asia Bureau of Financial and Economic Research, IDC, London School of Economics, NBER Summer Institute, NYU, Simon Fraser University, University of California-Berkeley, University of Chicago, University College- London, UCLA, University of Minnesota, and Victoria University of Wellington for helpful comments. Rubinstein thanks STICERD for financial support. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.