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Endogenous Firm Objectives

Author

Listed:
  • Renstrom, T.I.
  • Yalcin, E.

Abstract

We endogenise the objective of a monopoly firm in a general equilibrium context. Within this framework a distributional conflict occurs between shareholders, depending on their endowments. Following a political-economy approach and using voting theory, the production plan of the firm is endogenised. The economic equilibrium is characterised for different distributions of shares, and we find that a privately owned monopoly may very well act as a competitive firm, while a publicly owned monopoly may not.

Suggested Citation

  • Renstrom, T.I. & Yalcin, E., 1996. "Endogenous Firm Objectives," Discussion Papers 96-05, Department of Economics, University of Birmingham.
  • Handle: RePEc:bir:birmec:96-05
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    More about this item

    Keywords

    COMPETITION; MONOPOLIES; SHARES;

    JEL classification:

    • C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • D42 - Microeconomics - - Market Structure, Pricing, and Design - - - Monopoly
    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior

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