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Ownership Structure and Efficiency in Large Economies

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Author Info
Bejan, Camelia
Bidian, Florin

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Abstract

We analyze the limit behavior of sequences of oligopolistic equilibria in which firms follow objectives consistent with their shareholders' interests. We show that the efficiency of the limit allocation depends on how firms' shares are distributed across consumers, and provide a characterization of the class of ownership structures that lead to Walrasian equilibrium allocations in the limit.

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Publisher Info
Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 17677.

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Date of creation: 06 Oct 2009
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Handle: RePEc:pra:mprapa:17677

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Related research
Keywords: the objective of the firm; oligopolistic competition; ownership structure; efficiency;

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Find related papers by JEL classification:
D21 - Microeconomics - - Production and Organizations - - - Firm Behavior
C02 - Mathematical and Quantitative Methods - - General - - - Mathematical Economics
D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
D43 - Microeconomics - - Market Structure and Pricing - - - Oligopoly and Other Forms of Market Imperfection
G30 - Financial Economics - - Corporate Finance and Governance - - - General

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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. Camelia Bejan, 2008. "The objective of a privately owned firm under imperfect competition," Economic Theory, Springer, vol. 37(1), pages 99-118, October. [Downloadable!] (restricted)
  2. Hildenbrand, Werner, 1975. "Distributions of agents' characteristics," Journal of Mathematical Economics, Elsevier, vol. 2(2), pages 129-138. [Downloadable!] (restricted)
  3. Roberts, Kevin, 1980. "The limit points of monopolistic competition," Journal of Economic Theory, Elsevier, vol. 22(2), pages 256-278, April. [Downloadable!] (restricted)
  4. Allen, Beth, 1994. "Randomization and the limit points of monopolistic competition," Journal of Mathematical Economics, Elsevier, vol. 23(3), pages 205-218, May. [Downloadable!] (restricted)
  5. Hildenbrand, W & Mertens, J F, 1972. "Upper Hemi-Continuity of the Equilibrium-Set Correspondence for Pure Exchange Economies," Econometrica, Econometric Society, vol. 40(1), pages 99-108, January. [Downloadable!] (restricted)
  6. Mas-Colell, Andreu, 1980. "Noncooperative approaches to the theory of perfect competition: Presentation," Journal of Economic Theory, Elsevier, vol. 22(2), pages 121-135, April. [Downloadable!] (restricted)
  7. McKenzie, Lionel W, 1981. "The Classical Theorem on Existence of Competitive Equilibrium," Econometrica, Econometric Society, vol. 49(4), pages 819-41, June. [Downloadable!] (restricted)
  8. Monique Florenzano & Elena Laureana Del Mercato, 2004. "Edgeworth and Lindahl-Foley equilibria of a general equilibrium model with private provision of pure public goods," Cahiers de la Maison des Sciences Economiques b04082, Université Panthéon-Sorbonne (Paris 1). [Downloadable!]
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  9. Hart, Oliver D, 1979. "On Shareholder Unanimity in Large Stock Market Economies," Econometrica, Econometric Society, vol. 47(5), pages 1057-83, September. [Downloadable!] (restricted)
  10. Aliprantis, Charalambos D. & Brown, Donald J. & Burkinshaw, Owen, 1987. "Edgeworth equilibria in production economies," Journal of Economic Theory, Elsevier, vol. 43(2), pages 252-291, December. [Downloadable!] (restricted)
  11. Hildenbrand, Werner, 1970. "On economies with many agents," Journal of Economic Theory, Elsevier, vol. 2(2), pages 161-188, June. [Downloadable!] (restricted)
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