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Ownership structure and efficiency in large economies

  • Camelia Bejan

    ()

  • Florin Bidian

    ()

We analyze the limit behavior of sequences of oligopolistic equilibria in which firms follow objectives consistent with their shareholders’ interests. We show that convergence to a competitive outcome may fail for some distributions of firms’ shares across consumers and provide a characterization of the class of ownership structures that lead to Walrasian equilibrium allocations in the limit. Copyright Springer-Verlag 2012

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File URL: http://hdl.handle.net/10.1007/s00199-010-0585-3
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Article provided by Springer & Society for the Advancement of Economic Theory (SAET) in its journal Economic Theory.

Volume (Year): 50 (2012)
Issue (Month): 3 (August)
Pages: 571-602

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Handle: RePEc:spr:joecth:v:50:y:2012:i:3:p:571-602
DOI: 10.1007/s00199-010-0585-3
Contact details of provider: Web page: http://www.springer.com

Web page: http://saet.uiowa.edu/

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  1. Camelia Bejan, 2008. "The objective of a privately owned firm under imperfect competition," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 37(1), pages 99-118, October.
  2. Allen, Beth, 1994. "Randomization and the limit points of monopolistic competition," Journal of Mathematical Economics, Elsevier, vol. 23(3), pages 205-218, May.
  3. 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).
  4. HILDENBRAND, Werner & MERTENS, Jean-François, . "Upper hemi-continuity of the equilibrium set correspondence for pure exchange economies," CORE Discussion Papers RP 109, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  5. McKenzie, Lionel W, 1981. "The Classical Theorem on Existence of Competitive Equilibrium," Econometrica, Econometric Society, vol. 49(4), pages 819-41, June.
  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.
  7. David Kelsey & Frank Milne, 2006. "Externalities, monopoly and the objective function of the firm," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 29(3), pages 565-589, November.
  8. Hildenbrand, Werner, 1975. "Distributions of agents' characteristics," Journal of Mathematical Economics, Elsevier, vol. 2(2), pages 129-138.
  9. Egbert Dierker & Birgit Grodal, 1996. "The Price Normalization Problem in Imperfect Competition and the Objective of the Firm," Discussion Papers 96-05, University of Copenhagen. Department of Economics.
  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.
  11. Hildenbrand, Werner, 1970. "On economies with many agents," Journal of Economic Theory, Elsevier, vol. 2(2), pages 161-188, June.
  12. Hart, Oliver D, 1979. "On Shareholder Unanimity in Large Stock Market Economies," Econometrica, Econometric Society, vol. 47(5), pages 1057-83, September.
  13. Mas-Colell, Andreu & Nachbar, John H., 1991. "On the finiteness of the number of critical equilibria, with an application to random selections," Journal of Mathematical Economics, Elsevier, vol. 20(4), pages 397-409.
  14. JASKOLD GABSZEWICZ, Jean & VIAL, Jean-Philippe, . "Oligopoly "à la Cournot" in a general equilibrium analysis," CORE Discussion Papers RP 106, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  15. Bejan, Camelia & Bidian, Florin, 2009. "Ownership Structure and Efficiency in Large Economies," MPRA Paper 17677, University Library of Munich, Germany.
  16. Roberts, Kevin, 1980. "The limit points of monopolistic competition," Journal of Economic Theory, Elsevier, vol. 22(2), pages 256-278, April.
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