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Majority stable production equilibria : a multivariate mean shareholders theorem

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  • CRES, Herve

Abstract

In a simple parametric general equilibrium model with S states of nature and K S/2. Finally, through parametric examples, these rates are shown to decrease with the homogeneity of the shareholders' beliefs on the probabilities of the states of nature, and to increase with the shareholders' pessimism.

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Bibliographic Info

Paper provided by HEC Paris in its series Les Cahiers de Recherche with number 706.

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Length: 39 pages
Date of creation: 01 Jun 2000
Date of revision:
Handle: RePEc:ebg:heccah:0706

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Postal: HEC Paris, 78351 Jouy-en-Josas cedex, France
Web page: http://www.hec.fr/
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Related research

Keywords: Shareholder's vote; general equilibrium; incomplete markets; super majority;

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References

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  1. Mich Tvede & Hervé Crès, 2000. "Ordering Pareto-Optima through Majority Voting," Discussion Papers 00-15, University of Copenhagen. Department of Economics.
  2. Geanakoplos, J. & Magill, M. & Quinzii, M. & Dreze, J., . "Generic inefficiency of stock market equilibrium when markets are incomplete," CORE Discussion Papers RP -916, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  3. Egbert Dierker & Hildegard Dierker & Birgit Grodal, 1999. "Incomplete Markets and the Firm," CIE Discussion Papers 1999-05, University of Copenhagen. Department of Economics. Centre for Industrial Economics.
  4. Grossman, Sanford J & Hart, Oliver D, 1979. "A Theory of Competitive Equilibrium in Stock Market Economies," Econometrica, Econometric Society, vol. 47(2), pages 293-329, March.
  5. Grandmont, Jean-Michel, 1978. "Intermediate Preferences and the Majority Rule," Econometrica, Econometric Society, vol. 46(2), pages 317-30, March.
  6. Greenberg, Joseph, 1979. "Consistent Majority Rules over Compact Sets of Alternatives," Econometrica, Econometric Society, vol. 47(3), pages 627-36, May.
  7. Caplin, Andrew & Nalebuff, Barry, 1991. "Aggregation and Social Choice: A Mean Voter Theorem," Econometrica, Econometric Society, vol. 59(1), pages 1-23, January.
  8. Caplin, Andrew S & Nalebuff, Barry J, 1988. "On 64%-Majority Rule," Econometrica, Econometric Society, vol. 56(4), pages 787-814, July.
  9. DeMarzo, Peter M, 1993. "Majority Voting and Corporate Control: The Rule of the Dominant Shareholder," Review of Economic Studies, Wiley Blackwell, vol. 60(3), pages 713-34, July.
  10. Kramer, Gerald H, 1973. "On a Class of Equilibrium Conditions for Majority Rule," Econometrica, Econometric Society, vol. 41(2), pages 285-97, March.
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Citations

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Cited by:
  1. CRES, Herve & TVEDE, Mich, 2001. "Proxy fights in incomplete markets: when majority voting and sidepayments are equivalent," Les Cahiers de Recherche 726, HEC Paris.
  2. Beker, Pablo F, 2007. "Market Selection and Payout Policy Under Majority Rule," The Warwick Economics Research Paper Series (TWERPS) 814, University of Warwick, Department of Economics.
  3. Mich Tvede & Hervé Crès, 2001. "Voting in Assemblies of shareholders and Incomplete Markets," Sciences Po publications 722/2001, Sciences Po.

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