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Household Wealth and Entrepreneurial Career Choices: Evidence from Climate Disasters

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Household Wealth and Entrepreneurial Career Choices: Evidence from Climate Disasters

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Working Paper Number: CES-24-39

Abstract

CES_working_paper_series
Download Household Wealth and Entrepreneurial Career Choices: Evidence from Climate Disasters [PDF - > 1MB]

This study investigates how household wealth affects the human capital of startups, based on U.S. Census individual-level employment data, deed records, and geographic information system (GIS) data. Using floods as a wealth shock, a regression discontinuity analysis shows inundated residents are 7% less likely to work in startups relative to their neighbors outside the flood boundary, within a 0.1-mile-wide band. The effect is more pronounced for homeowners, consistent with the wealth effect. The career distortion leads to a significant long-run income loss, highlighting the importance of self-insurance for human capital allocation.

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Page Last Revised - November 1, 2024
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