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Voting in assemblies of shareholders and incomplete markets

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Author Info

  • CRES, Herve
  • TVEDE, Mich

    (University of Copenhagen)

Abstract

An economy with two dates is considered, on state at the first date and a finite number of states at the last date. Shareholders determine production plans b voting -one share, one vote- and at r-majority stable equilibria, alternative production plans are supported by at most rx100 percent of the shareholders.

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Bibliographic Info

Paper provided by HEC Paris in its series Les Cahiers de Recherche with number 722.

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Length: 27 pages
Date of creation: 01 Feb 2001
Date of revision:
Handle: RePEc:ebg:heccah:0722

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Postal: HEC Paris, 78351 Jouy-en-Josas cedex, France
Web page: http://www.hec.fr/
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Keywords: general equilibrium; incomplete markets; firms; voting;

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References

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  1. Caplin, Andrew & Nalebuff, Barry, 1991. "Aggregation and Social Choice: A Mean Voter Theorem," Econometrica, Econometric Society, vol. 59(1), pages 1-23, January.
  2. Greenberg, Joseph, 1979. "Consistent Majority Rules over Compact Sets of Alternatives," Econometrica, Econometric Society, vol. 47(3), pages 627-36, May.
  3. Ferejohn, John A. & Grether, David M., . "On a Class of Rational Social Decision Procedures," Working Papers 25, California Institute of Technology, Division of the Humanities and Social Sciences.
  4. Steinar Ekern & Robert Wilson, 1974. "On the Theory of the Firm in an Economy with Incomplete Markets," Bell Journal of Economics, The RAND Corporation, vol. 5(1), pages 171-180, Spring.
  5. Wayne Shafer & Hugo Sonnenschein, 1974. "Equilibrium in Abstract Economies Without Ordered Preferences," Discussion Papers 94, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  6. Yves Balasko & Hervé Crès, 1995. "The Probability of Condorcet Cycles and Super Majority Rules," Research Papers by the Institute of Economics and Econometrics, Geneva School of Economics and Management, University of Geneva 95.01, Institut d'Economie et Econométrie, Université de Genève.
  7. CRES, Herve & TVEDE, Mich, 2001. "Proxy fights in incomplete markets: when majority voting and sidepayments are equivalent," Les Cahiers de Recherche 726, HEC Paris.
  8. 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.
  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. Caplin, Andrew S & Nalebuff, Barry J, 1988. "On 64%-Majority Rule," Econometrica, Econometric Society, vol. 56(4), pages 787-814, July.
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Citations

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Cited by:
  1. Tirelli, Mario, 2006. "The evaluation of public investments under uncertainty," Research in Economics, Elsevier, vol. 60(4), pages 188-198, December.
  2. Crès, Hervé & Tvede, Mich, 2009. "Production in incomplete markets: Expectations matter for political stability," Journal of Mathematical Economics, Elsevier, vol. 45(3-4), pages 212-222, March.
  3. repec:spo:wpecon:info:hdl:2441/10267 is not listed on IDEAS
  4. Volker Britz & P. Herings & Arkadi Predtetchinski, 2013. "A bargaining theory of the firm," Economic Theory, Springer, vol. 54(1), pages 45-75, September.
  5. Guido Ruta & Piero Gottardi, 2009. "Equilibrium corporate finance," 2009 Meeting Papers 149, Society for Economic Dynamics.
  6. Britz Volker & Herings Jean-Jacques & Predtetchinski Arkadi, 2010. "Theory of the Firm: Bargaining and Competitive Equilibrium," Research Memorandum 057, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
  7. Hervé Crès & Mich Tvede, 2009. "Production in incomplete markets: Expectations matter for political stability," Sciences Po publications info:hdl:2441/10267, Sciences Po.
  8. Mich Tvede & Hervé Crès, 2011. "Production externalities: internalization by voting," Sciences Po publications info:hdl:2441/eu4vqp9ompq, Sciences Po.
  9. Hervé Crès & Mich Tvede, 2013. "Production externalities: internalization by voting," Economic Theory, Springer, vol. 53(2), pages 403-424, June.
  10. Mich Tvede & Hervé Crès, 2005. "On the political economy of adverse selection," Sciences Po publications 05-14, Sciences Po.
  11. Hnatkovska, Viktoria, 2010. "Home bias and high turnover: Dynamic portfolio choice with incomplete markets," Journal of International Economics, Elsevier, vol. 80(1), pages 113-128, January.

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