Entrepreneurs exit their business due to selection mechanisms experienced in the market place. Next to this well known … ex-post decision to exit, entrepreneurs select ex-ante whether they are willing to pursue an entrepreneurial career at … determinants of these two types of selection: exit in real and in imagined markets. Entrepreneurs in imagined markets are more …

development of the number of entrepreneurs in an equilibrium framework and (ii)the approach focusing on the entries and exits of … entrepreneurs. In this paper we unify these ap-proaches to arrive at a model explaining the equilibrium and actual number of … entrepreneurs and theentry and exit rate of entrepreneurs simultaneously and consistently. We apply our unified approach tothe …