Health Insurance Coverage and Entrepreneurship.
ABSTRACT This article estimates the importance of health insurance coverage on the probability of self-employment. Using data from the 1993 Current Population Survey (CPS), the author focuses on the impact of having health insurance through one's spouse on the likelihood of self-employment. The best estimates suggest that a guaranteed alternative source of health insurance would increase the probability of self-employment between 2.3 and 4.4 percentage points for husbands and 1.2 and 4.6 percentage points for wives. The author's more conservative estimates suggest that universal coverage could increase the percentage of self-employed in the workforce by 2 to 3.5 percentage points. Copyright 2001 by Oxford University Press.
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ABSTRACT: We introduce a new hybrid approach to joint estimation of Value at Risk (VaR) and Expected Shortfall (ES) for high quantiles of return distributions. We investigate the relative performance of VaR and ES models using daily returns for sixteen stock market indices (eight from developed and eight from emerging markets) prior to and during the 2008 financial crisis. In addition to widely used VaR and ES models, we also study the behavior of conditional and unconditional extreme value (EV) models to generate 99 percent confidence level estimates as well as developing a new loss function that relates tail losses to ES forecasts. Backtesting results show that only our proposed new hybrid and Extreme Value (EV)-based VaR models provide adequate protection in both developed and emerging markets, but that the hybrid approach does this at a significantly lower cost in capital reserves. In ES estimation the hybrid model yields the smallest error statistics surpassing even the EV models, especially in the developed markets.Journal of Public Economics. 01/1996; 62(1-2):209-235.
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ABSTRACT: Ever since Schumpeter identified the 'animal spirits' of entrepreneurs as the driving force of markets, researchers have been trying to determine who is an entrepreneur and what factors breed entrepreneurial success. Using data from the National Longitudinal Surveys of Youth, the authors first determine who pursues self-employment in their youth and then who succeeds. There is a surprisingly high incidence of self-employment but very low success rates. Significant correlates of both entry into self-employment and eventual success differ markedly by gender. Copyright 1997 by Oxford University Press.Economic Inquiry 02/1997; 35(3):523-31. · 0.98 Impact Factor
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ABSTRACT: This paper assesses the impact of employer-provided health insurance on job mobility by exploring the extent to which workers are 'locked' into their jobs because preexisting conditions exclusions make it expensive for individuals with medical problems to relinquish their current health insurance. I estimate the degree of job-lock by comparing the difference in the turnover rates of those with high and low medical expenses for those with and without employer-provided health insurance. Using data from the 1987 National Medical Expenditure Survey, I estimate that job-lock reduces the voluntary turnover rate of those with employer-provided health insurance by 25 percent, from 16 percent to 12 percent per year. Copyright 1994, the President and Fellows of Harvard College and the Massachusetts Institute of Technology.The Quarterly Journal of Economics. 02/1994; 109(1):27-54.