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The opportunity costs of entrepreneurs in international trade

Author:
Timothy J. Kehoe  Pau S. Pujolàs  Kim J. Ruhl  


Journal:
Economics Letters


Issue Date:
2016


Abstract(summary):

Abstract We show that a trade model with an exogenous set of heterogeneous firms with fixed operating costs has the same aggregate outcomes as a span-of-control model. Fixed costs in the heterogeneous-firm model are entrepreneurs’ forgone wages in the span-of-control model. Highlights • The span-of-control model and the Chaney (2008) model are equivalent. • Operating fixed cost acts as forgone wage of entrepreneurs. • Chaney (2008) model useful to study link between liberalization and distribution.


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