IDEAS home Printed from https://ideas.repec.org/a/cai/recosp/reco_561_0127.html
   My bibliography  Save this article

Psychologie des entrepreneurs, localisation des activités innovantes et pertes à l'échange international

Author

Listed:
  • Michel Blanchard
  • Frédéric Peltrault

Abstract

Following the Green Paper dealing with the entrepreneurship in Europe, the European Commission put forward the thesis that Europe suffers from an ?entrepreneurship deficit? in comparison to the us. This paper presents a model dealing with the consequences of managers? optimism and pessimism behaviour on the localisation of innovative activities and welfare. If at least one country is better off under free trade, numerical simulations show that the other country and the world as a whole can be worse off. Trade liberalization can make worse the under-production or the over-production of the risky good and then increases the distortions that already hold in autarky.

Suggested Citation

  • Michel Blanchard & Frédéric Peltrault, 2005. "Psychologie des entrepreneurs, localisation des activités innovantes et pertes à l'échange international," Revue économique, Presses de Sciences-Po, vol. 56(1), pages 127-145.
  • Handle: RePEc:cai:recosp:reco_561_0127
    as

    Download full text from publisher

    File URL: http://www.cairn.info/load_pdf.php?ID_ARTICLE=RECO_561_0127
    Download Restriction: free

    File URL: http://www.cairn.info/revue-economique-2005-1-page-127.htm
    Download Restriction: free
    ---><---

    References listed on IDEAS

    as
    1. Michael Manove & A. Jorge Padilla, 1999. "Banking (Conservatively) with Optimists," RAND Journal of Economics, The RAND Corporation, vol. 30(2), pages 324-350, Summer.
    2. Judd, Kenneth L., 1985. "The law of large numbers with a continuum of IID random variables," Journal of Economic Theory, Elsevier, vol. 35(1), pages 19-25, February.
    3. Yaari, Menahem E, 1987. "The Dual Theory of Choice under Risk," Econometrica, Econometric Society, vol. 55(1), pages 95-115, January.
    4. de Meza, David & Southey, Clive, 1996. "The Borrower's Curse: Optimism, Finance and Entrepreneurship," Economic Journal, Royal Economic Society, vol. 106(435), pages 375-386, March.
    5. Daniel Kahneman & Amos Tversky, 2013. "Prospect Theory: An Analysis of Decision Under Risk," World Scientific Book Chapters, in: Leonard C MacLean & William T Ziemba (ed.), HANDBOOK OF THE FUNDAMENTALS OF FINANCIAL DECISION MAKING Part I, chapter 6, pages 99-127, World Scientific Publishing Co. Pte. Ltd..
    6. Allen, Franklin & Gale, Douglas, 1999. "Diversity of Opinion and Financing of New Technologies," Journal of Financial Intermediation, Elsevier, vol. 8(1-2), pages 68-89, January.
    7. Douglas W. Diamond & Philip H. Dybvig, 2000. "Bank runs, deposit insurance, and liquidity," Quarterly Review, Federal Reserve Bank of Minneapolis, vol. 24(Win), pages 14-23.
    8. David M. G. Newbery & Joseph E. Stiglitz, 1984. "Pareto Inferior Trade," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 51(1), pages 1-12.
    9. Cooper, Arnold C. & Woo, Carolyn Y. & Dunkelberg, William C., 1988. "Entrepreneurs' perceived chances for success," Journal of Business Venturing, Elsevier, vol. 3(2), pages 97-108.
    10. Lucas, Robert Jr. & Prescott, Edward C., 1974. "Equilibrium search and unemployment," Journal of Economic Theory, Elsevier, vol. 7(2), pages 188-209, February.
    11. Shy, Oz, 1988. "A general equilibrium model of pareto inferior trade," Journal of International Economics, Elsevier, vol. 25(1-2), pages 143-154, August.
    12. Thakor, Anjan V., 1996. "The design of financial systems: An overview," Journal of Banking & Finance, Elsevier, vol. 20(5), pages 917-948, June.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. repec:dau:papers:123456789/96 is not listed on IDEAS

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. repec:ebl:ecbull:v:6:y:2004:i:15:p:1-10 is not listed on IDEAS
    2. Frederic Peltrault & Michel Blanchard, 2004. "The welfare effects of international trade with optimistic and pessimistic managers," Economics Bulletin, AccessEcon, vol. 6(15), pages 1-10.
    3. repec:dau:papers:123456789/99 is not listed on IDEAS
    4. repec:dau:papers:123456789/92 is not listed on IDEAS
    5. repec:dau:papers:123456789/96 is not listed on IDEAS
    6. repec:dau:papers:123456789/91 is not listed on IDEAS
    7. Blanchard, Michel & Blanchard, Frederic, 2007. "Optimism, Pessimism, and the Gains from Trade," MPRA Paper 6342, University Library of Munich, Germany.
    8. repec:dau:papers:123456789/90 is not listed on IDEAS
    9. repec:dau:papers:123456789/101 is not listed on IDEAS
    10. repec:dau:papers:123456789/100 is not listed on IDEAS
    11. Blanchard, Michel & Peltrault, Frederic, 2009. "Financial development, International Trade and welfare," MPRA Paper 15650, University Library of Munich, Germany.
    12. Michele Dell'Era & Luis Santos-Pinto, 2011. "Entrepreneurial Overconfidence, Self-Financing and Capital Market Efficiency," Cahiers de Recherches Economiques du Département d'économie 11.06, Université de Lausanne, Faculté des HEC, Département d’économie, revised Nov 2012.
    13. Luca David Opromolla & Michele Dell'Era, 2018. "A General Equilibrium Theory of Occupational Choice under Optimistic Beliefs about Entrepreneurial Ability," Working Papers w201822, Banco de Portugal, Economics and Research Department.
    14. de la Rosa, Leonidas Enrique, 2011. "Overconfidence and moral hazard," Games and Economic Behavior, Elsevier, vol. 73(2), pages 429-451.
    15. Hyytinen, Ari, 2003. "Loan market equilibrium with difference of opinion and imperfect competition," Economics Letters, Elsevier, vol. 78(1), pages 125-129, January.
    16. Christopher Dawson & David de Meza & Andrew Henley & G. Reza Arabsheibani, 2014. "Entrepreneurship: Cause and Consequence of Financial Optimism," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 23(4), pages 717-742, December.
    17. Parker, Simon C., 2013. "Do serial entrepreneurs run successively better-performing businesses?," Journal of Business Venturing, Elsevier, vol. 28(5), pages 652-666.
    18. Takalo, Tuomas & Toivanen, Otto, 2003. "Equilibrium in financial markets with adverse selection," Bank of Finland Research Discussion Papers 6/2003, Bank of Finland.
    19. Roy Thurik, 2014. "Entrepreneurship and the business cycle," IZA World of Labor, Institute of Labor Economics (IZA), pages 1-90, October.
    20. Vinogradov, Dmitri & Makhlouf, Yousef, 2021. "Two faces of financial systems: Provision of services versus shock-smoothing," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 75(C).
    21. Delli Gatti,Domenico & Fagiolo,Giorgio & Gallegati,Mauro & Richiardi,Matteo & Russo,Alberto (ed.), 2018. "Agent-Based Models in Economics," Cambridge Books, Cambridge University Press, number 9781108400046, October.
    22. Hyytinen, Ari & Lahtonen, Jukka & Pajarinen, Mika, 2012. "Entrepreneurial optimism and survival," Bank of Finland Research Discussion Papers 20/2012, Bank of Finland.
    23. Michele Dell'Era & Luca David Opromolla & Luís Santos‐Pinto, 2023. "Can optimism solve the entrepreneurial earnings puzzle?," Scandinavian Journal of Economics, Wiley Blackwell, vol. 125(1), pages 139-169, January.
    24. Luís Santos‐Pinto & Michele Dell'Era, 2017. "Entrepreneurial Optimism And The Market For New Issues," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 58(2), pages 383-419, May.
    25. Robert A. Lowe & Arvids A. Ziedonis, 2006. "Overoptimism and the Performance of Entrepreneurial Firms," Management Science, INFORMS, vol. 52(2), pages 173-186, February.
    26. Sun, Yeneng, 1998. "A theory of hyperfinite processes: the complete removal of individual uncertainty via exact LLN1," Journal of Mathematical Economics, Elsevier, vol. 29(4), pages 419-503, May.
    27. repec:zbw:bofrdp:2012_020 is not listed on IDEAS
    28. Ruta Aidis & Mirjam van Praag, 2004. "Illegal Entrepreneurship Experience," Tinbergen Institute Discussion Papers 04-105/3, Tinbergen Institute.
    29. Dai, Na & Ivanov, Vladimir & Cole, Rebel A., 2017. "Entrepreneurial optimism, credit availability, and cost of financing: Evidence from U.S. small businesses," Journal of Corporate Finance, Elsevier, vol. 44(C), pages 289-307.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:cai:recosp:reco_561_0127. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Jean-Baptiste de Vathaire (email available below). General contact details of provider: https://www.cairn.info/revue-economique.htm .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.