Using a rich panel of owner-operated New York dairy farms, we provide new evidence on entrepreneurial behavior. We formulate a dynamic model of farms facing uninsured risks and financial constraints. Farmers derive nonpecuniary benefits from operating their businesses. We estimate the model via simulated minimum distance, matching both production and financial data. We find that financial factors and nonpecuniary benefits are of first-order importance. Collateral constraints and liquidity restrictions inhibit borrowing and the accumulation of capital. The nonpecuniary benefits to farming are large and keep small, low-productivity farms in business. Although farmers are risk averse, eliminating uninsured risk has only modest effects on capital and output.

中文翻译：

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企业家行为的估计结构模型

通过由业主经营的纽约奶牛场组成的丰富小组，我们提供了有关企业家行为的新证据。我们建立了一个面临未保险风险和财务约束的农场动态模型。农民从经营企业中获得非金钱利益。我们通过模拟的最小距离估算模型，同时匹配生产和财务数据。我们发现，财务因素和非金钱利益至关重要。抵押限制和流动性限制会抑制借贷和资本积累。农业的非金钱利益是巨大的，并且使小型低生产率的农场继续经营。尽管农民不愿承担风险，但消除未保险的风险只会对资本和产出产生适度的影响。