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The Existence of Equilibrium and the Objective Function of the Firm

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Author Info

  • Kelsey, D.
  • Milne, F.

Abstract

We consider an economy in which firms' decisions are made by a collective decision of the shareholders. The main result shows that the simultaneous existence of an exchange equilibrium in the market for shares and a voting equilibrium in the internal decisions of firms. We present our results in a general framework, with a measure space of agents. Our framework covers the cases of incomplete markets and externalities between firms and shareholders. We show that a voting rule due to Kramer is a special case.

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Bibliographic Info

Paper provided by Department of Economics, University of Birmingham in its series Discussion Papers with number 92-22.

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Length: 24 pages
Date of creation: 1992
Date of revision:
Handle: RePEc:bir:birmec:92-22

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Postal: Edgbaston, Birmingham, B15 2TT
Web page: http://www.economics.bham.ac.uk
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Keywords: decision making ; enterprises ; economic equilibrium;

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