This paper conducts the first general equilibrium analysis of the role of entry, exit and profits in industry dynamics. The benefit of our model is twofold. First, to discriminate between entrants’ role of performing the entrepreneurial function of creating disequilibrium and the conventional...

The process of the entrepreneurial decision is decomposed in seven engagement levels ranging from "never thought about starting a business" to "gave up", "thinking about it", "taking steps for starting up", "having a young business", "having an older business" and "no longer being an...

A multinomial logit model and survey data from the 25 EU member states and the US are used to establish the effect of demographic and other variables on various entrepreneurial engagement levels. These engagement levels range from "never thought about starting a business" to "thinking about it",...