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Ownership structure and efficiency in large economies

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  • Camelia Bejan

    ()

  • Florin Bidian

    ()

Abstract

We analyze the limit behavior of sequences of oligopolistic equilibria in which firms follow objectives consistent with their shareholders’ interests. We show that convergence to a competitive outcome may fail for some distributions of firms’ shares across consumers and provide a characterization of the class of ownership structures that lead to Walrasian equilibrium allocations in the limit. Copyright Springer-Verlag 2012

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Bibliographic Info

Article provided by Springer in its journal Economic Theory.

Volume (Year): 50 (2012)
Issue (Month): 3 (August)
Pages: 571-602

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Handle: RePEc:spr:joecth:v:50:y:2012:i:3:p:571-602

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Related research

Keywords: Firm’s objective; Strategic foundations of competitive equilibrium; Ownership structure; D21; D43; D51;

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References

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  1. HILDENBRAND, Werner & MERTENS, Jean-François, . "Upper hemi-continuity of the equilibrium set correspondence for pure exchange economies," CORE Discussion Papers RP -109, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  2. repec:hal:cesptp:halshs-00085726 is not listed on IDEAS
  3. Roberts, Kevin, 1980. "The limit points of monopolistic competition," Journal of Economic Theory, Elsevier, vol. 22(2), pages 256-278, April.
  4. L. W. McKenzie, 2010. "The Classical Theorem on Existence of Competitive Equilibrium," Levine's Working Paper Archive 1388, David K. Levine.
  5. David Kelsey & Frank Milne, 2006. "Externalities, Monopoly and the Objective Function of the Firm," Discussion Papers 0604, Exeter University, Department of Economics.
  6. Hildenbrand, Werner, 1975. "Distributions of agents' characteristics," Journal of Mathematical Economics, Elsevier, vol. 2(2), pages 129-138.
  7. JASKOLD GABSZEWICZ, Jean & VIAL, Jean-Philippe, . "Oligopoly "à la Cournot" in a general equilibrium analysis," CORE Discussion Papers RP -106, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  8. Monique Florenzano & Elena Laureana Del Mercato, 2004. "Edgeworth and Lindahl-Foley equilibria of a general equilibrium model with private provision of pure public goods," Cahiers de la Maison des Sciences Economiques b04082, Université Panthéon-Sorbonne (Paris 1).
  9. Mas-Colell, Andreu, 1980. "Noncooperative approaches to the theory of perfect competition: Presentation," Journal of Economic Theory, Elsevier, vol. 22(2), pages 121-135, April.
  10. Egbert Dierker & Birgit Grodal, 1996. "The Price Normalization Problem in Imperfect Competition and the Objective of the Firm," Discussion Papers 96-05, University of Copenhagen. Department of Economics.
  11. Aliprantis, Charalambos D. & Brown, Donald J. & Burkinshaw, Owen, 1987. "Edgeworth equilibria in production economies," Journal of Economic Theory, Elsevier, vol. 43(2), pages 252-291, December.
  12. Camelia Bejan, 2008. "The objective of a privately owned firm under imperfect competition," Economic Theory, Springer, vol. 37(1), pages 99-118, October.
  13. Hart, Oliver D, 1979. "On Shareholder Unanimity in Large Stock Market Economies," Econometrica, Econometric Society, vol. 47(5), pages 1057-83, September.
  14. Allen, Beth, 1994. "Randomization and the limit points of monopolistic competition," Journal of Mathematical Economics, Elsevier, vol. 23(3), pages 205-218, May.
  15. Mas-Colell, Andreu & Nachbar, John H., 1991. "On the finiteness of the number of critical equilibria, with an application to random selections," Journal of Mathematical Economics, Elsevier, vol. 20(4), pages 397-409.
  16. Hildenbrand, Werner, 1970. "On economies with many agents," Journal of Economic Theory, Elsevier, vol. 2(2), pages 161-188, June.
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Cited by:
  1. Mich Tvede & Hervé Crès, 2011. "Production externalities: internalization by voting," Sciences Po publications info:hdl:2441/eu4vqp9ompq, Sciences Po.

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