Endogenous Firm Objectives
AbstractWe endogenise the objective of a monopoly firm in a general equilibrium context. Within this framework a distributional conflict occurs between shareholders, depending on their endowments. Following a political-economy approach and using voting theory, the production plan of the firm is endogenised. The economic equilibrium is characterised for different distributions of shares, and we find that a privately owned monopoly may very well act as a competitive firm, while a publicly owned monopoly may not.
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Bibliographic InfoPaper provided by Department of Economics, University of Birmingham in its series Discussion Papers with number 96-05.
Length: 20 pages
Date of creation: 1996
Date of revision:
COMPETITION; MONOPOLIES; SHARES;
Find related papers by JEL classification:
- C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
- D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
- D42 - Microeconomics - - Market Structure and Pricing - - - Monopoly
- D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
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