The U.S. personal bankruptcy system functions as a bankruptcy system for small businesses as well as consumers, because debts of non-corporate firms are personal liabilities of the firms' owners. If the firm fails, the owner has an incentive to file for bankruptcy, since both business debts and the owner's personal debts will be discharged. In bankruptcy, the owner must give up assets above a fixed exemption level. Because exemption levels are set by the states, they vary widely. We show that higher bankruptcy exemption levels benefit potential entrepreneurs who are risk averse by providing partial wealth insurance and therefore the probability of owning a business increases as the exemption level rises. We test this prediction and find that the probability of households owning businesses is 35% higher if they live in states with unlimited rather than low exemptions. We also find that the probability of starting a business and the probability of owning a corporate rather than non-corporate business are higher for households that live in high exemption states.

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In this paper we present a general new economic geography model with multiple industries and regions, full labor and capital mobility, land use in production and consumption, and a dynamic adjustment process in which consumers maximize utility and firms respond to nonzero profits. All industries use intermediate inputs as well as land, labor, and capital. Systems of cities form endogenously within this framework, including asymmetrical urban hierarchies and cities of different sizes and industry compositions. Each urban area has a bid-rent gradient and zones with land uses and densities as in the von Thünen model. The equilibrium depends not only on initial conditions but also on speeds of adjustment. The model is a prototype for empirical implementation, as illustrated with a simulation of the effects of transportation cost reductions. Copyright 2000 Blackwell Publishers

Abstract. A new viewpoint for understanding the urban expansion using impervious surface information, which is obtained using remote sensing imagery is presented. The purpose of this study is to understand and describe the urban expansion pattern with the view of impervious surfaces instead of the conventional view of land use/land cover. Six years' worth of impervious surface data (1990)(1991)(1992)(1993)(1994)(1995)(1996)(1997)(1998)(1999)(2000)(2001)(2002)(2003)(2004)(2005)(2006)(2007)(2008)(2009) of Guangzhou are extracted via linear spectral unmixing analysis methods and spatial and temporal characteristics are discussed in detail. The area, density, and gravity centers changes of the impervious surfaces are analyzed to explain internal/external urban expansion. Meanwhile, five landscape indexes, such as patch density, edge density, mean patch size, area-weighted, and fragmentation index, are utilized to describe landscape changes of Guangzhou in past 20 years, which are influenced deeply by the impervious surface expansion. In order to detail landscape changes, two transects corresponding to the two urban expansion directions are designed and five landscape metrics in these two transects are reported. Conclusions can be drawn and shown as following: (1) temporally, the area of impervious surfaces increases from 12,998 to 59,911 ha from 1990 to 2009. The amount of impervious surface varies in different periods. The annual growth rates of impervious surface area during

The U.S. personal bankruptcy system functions as a bankruptcy system for small businesses as well as consumers, because debts of non-corporate firms are personal liabilities of the firms' owners. If the firm fails, the owner has an incentive to file for bankruptcy, since both business debts and the owner's personal debts will be discharged. In bankruptcy, the owner must give up assets above a fixed exemption level. Because exemption levels are set by the states, they vary widely. We show that higher bankruptcy exemption levels benefit potential entrepreneurs who are risk averse by providing partial wealth insurance and therefore the probability of owning a business increases as the exemption level rises. We test this prediction and find that the probability of households owning businesses is 35% higher if they live in states with unlimited rather than low exemptions. We also find that the probability of starting a business and the probability of owning a corporate rather than non-corporate business are higher for households that live in high exemption states.