Corporate Production and Shareholder Cooperation under Uncertainty
AbstractA 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.
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Bibliographic InfoArticle provided by Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association in its journal International Economic Review.
Volume (Year): 32 (1991)
Issue (Month): 4 (November)
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- Xiong, Siyang & Zheng, Charles Zhoucheng, 2007.
"Core equivalence theorem with production,"
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Elsevier, vol. 137(1), pages 246-270, November.
- David Kelsey & Erkan Yalcin, 2004.
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- Xiong, Siyang & Zheng, Charles Zhoucheng, 2007. "Stochastic Blocking and Core Convergence in Nonconvex Production Economies," Staff General Research Papers 12711, Iowa State University, Department of Economics.
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