Entrepreneurship Among Baby Boomers: Recent Evidence from the Health and Retirement Study

58 Pages Posted: 16 Jan 2017

See all articles by Annamaria Lusardi

Annamaria Lusardi

George Washington University - Department of Accountancy; National Bureau of Economic Research (NBER)

Dimitris Christelis

Adam Smith Business School, University of Glasgow; Centre for Studies in Economics and Finance (CSEF), University of Naples Federico II; Center for Financial Studies (CFS); Netspar

Carlo de Bassa Scheresberg

George Washington University - School of Business

Date Written: September 30, 2016

Abstract

We study entrepreneurship among Baby Boomers using data from the US Health and Retirement Study (HRS). Using two different definitions of entrepreneurship (being self-employed and being a business owner), we compare entrepreneurs to non-entrepreneurs and entrepreneurs who were age 52–65 in the 2012 HRS to their counterparts (i.e., those age 52–65) in the 1998 HRS. We find that entrepreneurs are systematically different from the rest of the population; specifically, they are more highly educated, healthier, wealthier, and more likely to be white and male. When we compare the cohort of Baby Boomer entrepreneurs surveyed in 2012 to entrepreneurs in the same age range in 1998, we find that Baby Boomer entrepreneurs are older, are less likely to be white, have a higher level of education, have fewer children and grandchildren, and are in poorer physical health. Finally, using partial identification methods, we find some evidence for a positive causal impact of wealth on business ownership, but only for the highest levels of wealth.

Keywords: entrepreneurship; baby boomers

Suggested Citation

Lusardi, Annamaria and Christelis, Dimitrios and de Bassa Scheresberg, Carlo, Entrepreneurship Among Baby Boomers: Recent Evidence from the Health and Retirement Study (September 30, 2016). Available at SSRN: https://ssrn.com/abstract=2898910 or http://dx.doi.org/10.2139/ssrn.2898910

Annamaria Lusardi (Contact Author)

George Washington University - Department of Accountancy ( email )

George Washington University School of Business
Washington, DC 20052
United States

HOME PAGE: http://business.gwu.edu/profiles/annamaria-lusardi/

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

Dimitrios Christelis

Adam Smith Business School, University of Glasgow ( email )

Room 207F, Gilbert Scott Building
University Avenue
Glasgow, Scotland G12 8QQ
United Kingdom
+44 141330 2000 (ext. 0624) (Phone)

HOME PAGE: http://www.gla.ac.uk/schools/business/staff/dimitrioschristelis/

Centre for Studies in Economics and Finance (CSEF), University of Naples Federico II ( email )

Via Cintia, Monte S. Angelo
Naples, NA 80126
Italy

Center for Financial Studies (CFS) ( email )

Grüneburgplatz 1
Frankfurt am Main, 60323
Germany

Netspar ( email )

P.O. Box 90153
Tilburg, 5000 LE
Netherlands

Carlo De Bassa Scheresberg

George Washington University - School of Business ( email )

Washington, DC 20052
United States

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