金融发展，国际贸易和福利【外文翻译】

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1、外文翻译原文FinancialDevelopment,InternationalTradeandWelfareMaterialSource:DauphineUniversityParisAuthor:BlanchardMichelPeltraultFrédéricMICROECONOMICFOUNDATIONSOFINNOVATIVECHOICEThelinkbetweenmacroeconomicfinancialsystemsandtheindividualmanagerialmicroeconomicdecisiontoinvestininnovativeactivitiesc

2、anbecapturedbytheconceptofentrepreneur.AccordingtoSchumpeter(1911),theentrepreneurbreaksthestationarystatebyintroducinginnovationsintotheeconomicsystem.But,motivationofentrepreneursisnotpecuniarybutglory.Entrepreneurisakindofromanticandirrationalhero.So,microeconomicfoundationsofhisbehaviorarei

3、rrelevant.ForFrankKnight(1921),entrepreneurisrational.Uncertaintybearingisthetruefunctionofhisentrepreneur.Thenamanagerbecomesanentrepreneurifhechoosesanuncertainactivityratherthanaroutineone.Tomakeuphismind,amanagerhastoanticipatethepriceofthefinalproductwhichdependsonthedecisionofothermanager

4、sandonthedemandconditions.ThenforKnight,thelevelofentrepreneurshipisresultingfromarationaldecisionmakingprocessinacontextoftrueuncertainty.Inthispaperwebuildthedecisiontoinnovateonmicroeconomicfoundationsinacontextofriskratherthantrueuncertainty(intheKnight’ssense).Weconsiderthatamanagerhastoch

5、oosebetweenariskyactivityandaroutineone.HecomparestheexpectedgainsofeachalternativefollowingtheVonNeumann-Morgensterndecisiontheory.Bydefinition,managersbecomeentrepreneurswhentheychoosetheinnovativeactivity.Itseemsreasonabletoassumethatentrepreneurshavelowerriskaversionthannonentrepreneurs.The

6、questionistoexamineifempiricalstudiessupportthisstatement.Considerthatentrepreneursinvestonlyapartoftheirwealthintheirbusinesswhichisveryriskycomparedtootherequities.Thenifentrepreneurswereasriskaverseasothers,theyshouldinvesttheremainderoftheirwealthinlessriskyassets.ForGentryandHubbard(2001),

7、thisisnotthecasesoentrepreneursseemtohavelowerriskaversion.AnothersalientcharacteristicofentrepreneursisdocumentedbyMoskovitzandVissing·Jorgensen(2002)whopointoutthatentrepreneurialinvestmentisveryconcentrated.Infact,theyfindthat“