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The Existence of Equilibrium and the Objective Function of the Firm

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  • David Kelsey
  • Frank Milne

Abstract

We consider an economy in which firms' decisions are made by a collective decision of the shareholders. The main result shows that the simultaneous existence of an exchange equilibrium in the market for shares and a voting equilibrium in the internal decisions of firms. We present our results in a general framework, with a measure space of agents. Our framework covers the cases of incomplete markets and externalities between firms and shareholders. We show that a voting rule due to Kramer is a special case.

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File URL: http://qed.econ.queensu.ca/working_papers/papers/qed_wp_867.pdf
File Function: First version 1992
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Bibliographic Info

Paper provided by Queen's University, Department of Economics in its series Working Papers with number 867.

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Date of creation: Sep 1992
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Handle: RePEc:qed:wpaper:867

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Keywords: shareholder voting; incomplete markets; sophisticated voting; objective function of the firm;

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