金融发展，国际贸易和福利外文翻译.docVIP

外文翻译 原文 Financial Development, International Trade and Welfare Material Source: Dauphine University Paris Author: Blanchard Michel Peltrault Frédéric MICROECONOMIC FOUNDATIONS OF INNOVATIVE CHOICE The link between macroeconomic financial systems and the individual managerial microeconomic decision to invest in innovative activities can be captured by the concept of entrepreneur. According to Schumpeter (1911), the entrepreneur breaks the stationary state by introducing innovations into the economic system. But, motivation of entrepreneurs is not pecuniary but glory. Entrepreneur is a kind of romantic and irrational hero. So, microeconomic foundations of his behavior are irrelevant. For Frank Knight (1921), entrepreneur is rational. Uncertainty bearing is the true function of his entrepreneur. Then a manager becomes an entrepreneur if he chooses an uncertain activity rather than a routine one. To make up his mind, a manager has to anticipate the price of the final product which depends on the decision of other managers and on the demand conditions. Then for Knight, the level of entrepreneurship is resulting from a rational decision making process in a context of true uncertainty. In this paper we build the decision to innovate on microeconomic foundations in a context of risk rather than true uncertainty (in the Knight’s sense). We consider that a manager has to choose between a risky activity and a routine one. He compares the expected gains of each alternative following the Von Neumann-Morgenstern decision theory. By definition, managers become entrepreneurs when they choose the innovative activity. It seems reasonable to assume that entrepreneurs have lower risk aversion than non entrepreneurs. The question is to examine if empirical studies support this statement. Consider that entrepreneurs invest only a part of their wealth in their business which is very risky compared to other equities. Then if entrepren