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Corporate Production and Shareholder Cooperation under Uncertainty

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  • Haller, Hans

Abstract

A two-period model of an economy with production and with uncertain future outputs and resources is investigated. Intertemporal trade is only possible via the stock market. Spanning equilibrium allocations lie always in the "smallest core" of each replica of the economy. If a feasible allocation is not a price-taking equilibrium allocation and satisfies an interiority and a liquidity condition, then, in some replica of the economy, the replicated allocation does not belong to the "largest core." Copyright 1991 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

Suggested Citation

  • Haller, Hans, 1991. "Corporate Production and Shareholder Cooperation under Uncertainty," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 32(4), pages 823-842, November.
    • Handle: RePEc:ier:iecrev:v:32:y:1991:i:4:p:823-42
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    Cited by:

    1. Hans Gersbach & Hans Haller, 2011. "General Equilibrium with Multi-Member Households and Production," CESifo Working Paper Series 3659, CESifo.
    2. Erkan Yalcin, 2002. "Existence of Equilibrium in Incomplete Markets with Non-Ordered Preferences," GE, Growth, Math methods 0204002, University Library of Munich, Germany.
    3. Xiong, Siyang & Zheng, Charles Zhoucheng, 2007. "Core equivalence theorem with production," Journal of Economic Theory, Elsevier, vol. 137(1), pages 246-270, November.
    4. Xiong, Siyang & Zheng, Charles Zhoucheng, 2007. "Stochastic Blocking and Core Convergence in Nonconvex Production Economies," Staff General Research Papers Archive 12711, Iowa State University, Department of Economics.
    5. L. Marsiliani & X. Liu & Л. Марсилиани & К. Лю, 2017. "Структура Акционерного Капитала И Степень Эксплуатации Нефтяных Месторождений // Share-Ownership Distribution And Extraction Rate Of Petroleum In Oil Fields," Review of Business and Economics Studies // Review of Business and Economics Studies, Финансовый Университет // Financial University, vol. 5(1), pages 42-53.
    6. Kelsey, David & Yalcin, Erkan, 2007. "The arbitrage pricing theorem with incomplete preferences," Mathematical Social Sciences, Elsevier, vol. 54(1), pages 90-105, July.

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