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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)

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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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File URL: http://www.hec.fr/var/fre/storage/original/application/3a33e6d38e7cabee02ecc2cd84df766b.pdf
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Publisher 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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Related research
Keywords: general equilibrium; incomplete markets; firms; voting;

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Find related papers by JEL classification:
D21 - Microeconomics - - Production and Organizations - - - Firm Behavior
D52 - Microeconomics - - General Equilibrium and Disequilibrium - - - Incomplete Markets
D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
G39 - Financial Economics - - Corporate Finance and Governance - - - Other

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. DeMarzo, Peter M, 1993. "Majority Voting and Corporate Control: The Rule of the Dominant Shareholder," Review of Economic Studies, Blackwell Publishing, vol. 60(3), pages 713-34, July. [Downloadable!] (restricted)
  2. 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. [Downloadable!] (restricted)
    Other versions:
  3. Caplin, Andrew S & Nalebuff, Barry J, 1988. "On 64%-Majority Rule," Econometrica, Econometric Society, vol. 56(4), pages 787-814, July. [Downloadable!] (restricted)
  4. Caplin, Andrew & Nalebuff, Barry, 1991. "Aggregation and Social Choice: A Mean Voter Theorem," Econometrica, Econometric Society, vol. 59(1), pages 1-23, January. [Downloadable!] (restricted)
    Other versions:
  5. 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. [Downloadable!] (restricted)
  6. Shafer, Wayne & Sonnenschein, Hugo, 1975. "Equilibrium in abstract economies without ordered preferences," Journal of Mathematical Economics, Elsevier, vol. 2(3), pages 345-348, December. [Downloadable!] (restricted)
    Other versions:
  7. Greenberg, Joseph, 1979. "Consistent Majority Rules over Compact Sets of Alternatives," Econometrica, Econometric Society, vol. 47(3), pages 627-36, May. [Downloadable!] (restricted)
  8. Balasko, Yves & Cres, Herve, 1997. "The Probability of Condorcet Cycles and Super Majority Rules," Journal of Economic Theory, Elsevier, vol. 75(2), pages 237-270, August. [Downloadable!] (restricted)
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Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Hervé Crès & Mich Tvede, 2005. "On the Political Economy of Adverse Selection," Discussion Papers 05-14, University of Copenhagen. Department of Economics, revised Jun 2006. [Downloadable!]
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