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A Note on Unanimity of Stockholders' Preferences among Alternative Production Plans: A Reformulation of the Ekern-Wilson Model

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  • Roy Radner

Abstract

This note, which was stimulated by Ekern and Wilson's study of the theory of the firm in an economy with incomplete markets, gives conditions for ex ante and ex post stockholders to be unanimous in their respective preferences among alternative production plans. This modest extension of Ekern and Wilson's analysis is facilitated by reinterpreting their model in standard Arrow-Debreu terms.

Suggested Citation

  • Roy Radner, 1974. "A Note on Unanimity of Stockholders' Preferences among Alternative Production Plans: A Reformulation of the Ekern-Wilson Model," Bell Journal of Economics, The RAND Corporation, vol. 5(1), pages 181-184, Spring.
  • Handle: RePEc:rje:bellje:v:5:y:1974:i:spring:p:181-184
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    References listed on IDEAS

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    1. Baron, David P, 1970. "Price Uncertainty, Utility, and Industry Equilibrium in Pure Competition," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 11(3), pages 463-480, October.
    2. Sandmo, Agnar, 1971. "On the Theory of the Competitive Firm under Price Uncertainty," American Economic Review, American Economic Association, vol. 61(1), pages 65-73, March.
    3. 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.
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    Cited by:

    1. Azar, José, 2017. "Portfolio Diversification, Market Power, and the Theory of the Firm," IESE Research Papers D/1170, IESE Business School.
    2. Piero Gottardi & Douglas Gale, 2017. "Equilibrium Theory of Banks' Capital Structure," 2017 Meeting Papers 380, Society for Economic Dynamics.
    3. Michael C. Burda & Mark Weder, 2002. "Complementarity of Labor Market Institutions, Equilibrium Unemployment and the Propagation of Business Cycles," German Economic Review, Verein für Socialpolitik, vol. 3(1), pages 1-24, February.
    4. repec:spr:joecth:v:64:y:2017:i:1:d:10.1007_s00199-016-0968-1 is not listed on IDEAS
    5. Kokonas, Nikolaos & Polemarchakis, Herakles, 2016. "Short sales, destruction of resources, welfare," Journal of Mathematical Economics, Elsevier, vol. 67(C), pages 120-124.
    6. Burda, Michael C. & Weder, Mark, 1998. "Endogenes Wachstum, gleichgewichtige Arbeitslosigkeit und persistente Konjunkturzyklen," SFB 373 Discussion Papers 1999,9, Humboldt University of Berlin, Interdisciplinary Research Project 373: Quantification and Simulation of Economic Processes.

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