Endogenous Firm Objectives
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.
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|Date of creation:||1996|
|Date of revision:|
|Contact details of provider:|| Postal: Edgbaston, Birmingham, B15 2TT|
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