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Khantachavana, Sivalai V.; Just, David R.; Pushkarskaya, Helen N.. |
Entrepreneurship means making discrete changes in livelihood activities that involve substantial risks to income. While the rewards may be substantial, transactions costs may make decisions irreversible. This paper draws a comparison between entrepreneurship and technology adoption. Adopting a new production technology also involves substantial risks. The economics of technology adoption is a well developed literature with many accepted and testable models. Most prominent are the theories of learning by using and learning by doing. We review the technology adoption literature, drawing out lessons for entrepreneurship research. We then apply an entrepreneurship as technology adoption model to a unique dataset collected during the tobacco buyout. The... |
Tipo: Conference Paper or Presentation |
Palavras-chave: Entrepreneurship; Technology adoption; Tobacco buyout; Agribusiness; Risk and Uncertainty. |
Ano: 2010 |
URL: http://purl.umn.edu/61296 |
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Pushkarskaya, Helen N.; Marshall, Maria I.. |
Our study uses the data collected during the implementation of the tobacco buyout program in Kentucky to evaluate how rural households, diverse in income, age, family structure, location, education level, and other characteristics, made a choice between annuities and a lump-sum payment. Subjects in our field experiment did not have to retire or change their employment, as did subjects in many field studies of the choice between annuities and lump-sum payments, which allowed us to evaluate the relationship between the option choice and a decision whether to exit the tobacco market. Our results suggest that while discounted utility theory gives acceptable predictions of the farmers’ behavior, other factors have to be taken into consideration. First, there... |
Tipo: Journal Article |
Palavras-chave: Annuity; Family business system; Intertemporal choice; Lump sum; Tobacco buyout; Agribusiness; Consumer/Household Economics; Institutional and Behavioral Economics; Marketing; G11; H31; J10. |
Ano: 2009 |
URL: http://purl.umn.edu/56647 |
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