Two approaches can be distinguished with respect to modelling entrepreneurship: (i) the approachfocusing on the net … 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 …

,656 entrepreneurs and former entrepreneurs. We base our research on the theory of entrepreneurship by Edward Lazear, according to which … entrepreneurs. We extend this theory by verifying whether breadth of education and professional career also contribute to the …

We study entrepreneurs’ behavioral responses of effort (moral hazard) to avoid business failure.This is done in the …