Value Maximization As An Ex Post Consistent Firm Objective When Markets are Incomplete
Author
Abstract
Suggested Citation
Note: Type of Document - pdf; pages: 25
Download full text from publisher
Other versions of this item:
- Sabarwal Tarun, 2007. "Value Maximization as an Ex-Post Consistent Firm Objective When Markets are Incomplete," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 7(1), pages 1-21, January.
References listed on IDEAS
- Momi, Takeshi, 2001. "Non-existence of equilibrium in an incomplete stock market economy," Journal of Mathematical Economics, Elsevier, vol. 35(1), pages 41-70, February.
- Grossman, Sanford J & Hart, Oliver D, 1979.
"A Theory of Competitive Equilibrium in Stock Market Economies,"
Econometrica, Econometric Society, vol. 47(2), pages 293-329, March.
- Sanford Grossman & Oliver Hart, 1978. "A theory of competitive equilibrium in stock market economies," Special Studies Papers 115, Board of Governors of the Federal Reserve System (U.S.).
- Egbert Dierker & Hildegard Dierker & Birgit Grodal, 2002.
"Nonexistence of Constrained Efficient Equilibria When Markets are Incomplete,"
Econometrica, Econometric Society, vol. 70(3), pages 1245-1251, May.
- Egbert Dierker & Hildegard Dierker & Birgit Grodal, 2000. "Nonexistence of Constrained Efficient Equilibria when Markets are Incomplete," CIE Discussion Papers 2000-07, University of Copenhagen. Department of Economics. Centre for Industrial Economics.
- Egbert Dierker & Hildegard Dierker & Birgit Grodal, 2001. "Nonexistence of constrained Efficient Equilibria when Markets are Incomplete," Vienna Economics Papers vie0111, University of Vienna, Department of Economics.
- Grossman, Sanford J., 1977. "A characterization of the optimality of equilibrium in incomplete markets," Journal of Economic Theory, Elsevier, vol. 15(1), pages 1-15, June.
- Elul Ronel, 1995. "Welfare Effects of Financial Innovation in Incomplete Markets Economies with Several Consumption Goods," Journal of Economic Theory, Elsevier, vol. 65(1), pages 43-78, February.
- Tarun Sabarwal, 2004. "On the Allocative Efficiency of Competitive Prices in Economies with Incomplete Markets," GE, Growth, Math methods 0410006, University Library of Munich, Germany.
- Dierker, Egbert & Grodal, Birgit, 1996.
"Profit Maximization Mitigates Competition,"
Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 7(1), pages 139-160, January.
- Egbert Dierker & Birgit Grodahl, 1995. "Profit maximization mitigates competition," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 7(1), pages 139-160.
- Egbert DIERKER & Birgit GRODAL, 1994. "Profit Maximization Mitigates Competition," Vienna Economics Papers vie9405, University of Vienna, Department of Economics.
- Egbert Dierker & Birgit Grodal, 1994. "Profit Maximization Mitigates Competition," Discussion Papers 94-15, University of Copenhagen. Department of Economics.
- Joseph E. Stiglitz, 1982. "The Inefficiency of the Stock Market Equilibrium," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 49(2), pages 241-261.
- Hart, Oliver D., 1975. "On the optimality of equilibrium when the market structure is incomplete," Journal of Economic Theory, Elsevier, vol. 11(3), pages 418-443, December.
- David Cass & Alessandro Citanna, 1998.
"Pareto improving financial innovation in incomplete markets,"
Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 11(3), pages 467-494.
- David Cass & Alessandro Citanna, 1998. "Pareto Improving Financial Innovation in Incomplete Markets," Post-Print hal-00479286, HAL.
- Oussama Lachiri & Jean-Marc Bonnisseau, 2004. "Dreze's Criterion In A Multi-Period Economy With Stock Markets," Royal Economic Society Annual Conference 2004 88, Royal Economic Society.
- 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.
- Duffie, Darrell & Shafer, Wayne, 1985. "Equilibrium in incomplete markets: I : A basic model of generic existence," Journal of Mathematical Economics, Elsevier, vol. 14(3), pages 285-300, June.
- Radner, Roy, 1972. "Existence of Equilibrium of Plans, Prices, and Price Expectations in a Sequence of Markets," Econometrica, Econometric Society, vol. 40(2), pages 289-303, March.
- Kelsey, David & Milne, Frank, 1996. "The existence of equilibrium in incomplete markets and the objective function of the firm," Journal of Mathematical Economics, Elsevier, vol. 25(2), pages 229-245.
- Geanakoplos, J. & Magill, M. & Quinzii, M. & Dreze, J., 1990.
"Generic inefficiency of stock market equilibrium when markets are incomplete,"
Journal of Mathematical Economics, Elsevier, vol. 19(1-2), pages 113-151.
- John Geanakoplos & Michael Magill & Martine Quinzii & J. Dreze, 1988. "Generic Inefficiency of Stock Market Equilibrium When Markets Are Incomplete," Cowles Foundation Discussion Papers 863, Cowles Foundation for Research in Economics, Yale University.
- Geanakoplos, J. & Magill, M. & Quinzii, M. & Dreze, J., 1990. "Generic inefficiency of stock market equilibrium when markets are incomplete," LIDAM Reprints CORE 916, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Peter M. DeMarzo, 1993. "Majority Voting and Corporate Control: The Rule of the Dominant Shareholder," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 60(3), pages 713-734.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Hnatkovska, Viktoria, 2010. "Home bias and high turnover: Dynamic portfolio choice with incomplete markets," Journal of International Economics, Elsevier, vol. 80(1), pages 113-128, January.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Tarun Sabarwal, 2004. "A Consistent Firm Objective When Markets are Incomplete: Profit Maximization," Econometric Society 2004 North American Summer Meetings 141, Econometric Society.
- Tirelli, Mario, 2008.
"Constrained inefficiency in GEI: A geometric argument,"
Journal of Mathematical Economics, Elsevier, vol. 44(11), pages 1197-1214, December.
- Mario Tirelli, 2008. "Constrained inefficiency in GEI: a geometric argument," Departmental Working Papers of Economics - University 'Roma Tre' 0086, Department of Economics - University Roma Tre.
- Zierhut, Michael, 2019. "Nonexistence of constrained efficient production plans," Journal of Mathematical Economics, Elsevier, vol. 83(C), pages 127-136.
- Marc Oliver Bettzüge & Thorsten Hens & Michael Zierhut, 2022. "Financial intermediation and the welfare theorems in incomplete markets," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 73(2), pages 457-486, April.
- Sergio Turner, 2004.
"Pareto Improving Taxation in Incomplete Markets,"
Econometric Society 2004 Latin American Meetings
310, Econometric Society.
- Sergio Turner, 2004. "Pareto Improving Taxation in Incomplete Markets," Econometric Society 2004 North American Summer Meetings 614, Econometric Society.
- Hervé Crès & Mich Tvede, 2001.
"Proxy fights in incomplete markets: when majority voting and sidepayments are equivalent,"
Working Papers
hal-01065004, HAL.
- CRES, Herve & TVEDE, Mich, 2001. "Proxy fights in incomplete markets: when majority voting and sidepayments are equivalent," HEC Research Papers Series 726, HEC Paris.
- Hervé Crès & Mich Tvede, 2001. "Proxy fights in incomplete markets: when majority voting and sidepayments are equivalent," Working Papers hal-00597200, HAL.
- Sergio Turner & Norovsambuu Tumennasan, 2006. "Pareto Improving Monetary Policy in Incomplete Markets," Working Papers 2006-04, Brown University, Department of Economics.
- Sergio Turner, 2004.
"Pareto Improving Taxation in Incomplete Markets,"
Econometric Society 2004 North American Summer Meetings
614, Econometric Society.
- Sergio Turner, 2006. "Pareto Improving Taxation in Incomplete Markets," Working Papers 2006-03, Brown University, Department of Economics.
- Sergio Turner, 2004. "Pareto Improving Taxation in Incomplete Markets," Econometric Society 2004 Latin American Meetings 310, Econometric Society.
- Volker Britz & P. Herings & Arkadi Predtetchinski, 2013. "A bargaining theory of the firm," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 54(1), pages 45-75, September.
- BRITZ, Volker & HERINGS, P. Jean-Jacques & PREDTETCHINSKI, Arkadi, 2013. "A bargaining theory of the firm," LIDAM Reprints CORE 2621, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- repec:hal:spmain:info:hdl:2441/10282 is not listed on IDEAS
- CRES, Hervé & TVEDE, Mich, 2004. "The Dreze and Grossman-Hart criteria for production in incomplete markets: Voting foundations and compared political stability," HEC Research Papers Series 794, HEC Paris.
- Hervé Crès & Mich Tvede, 2004. "The Drèze and Grossman-Hart criteria for production in incomplete markets: Voting foundations and compared political stability," Working Papers hal-00591676, HAL.
- Bisin, Alberto; & Gottardi, Piero; & Ruta, Guido, 2014. "Equilibrium corporate finance and intermediation," Economics Working Papers ECO2014/09, European University Institute.
- Piero Gottardi & Guido Ruta & Alberto Bisin, 2015. "Equilibrium Corporate Finance and Intermediation," 2015 Meeting Papers 358, Society for Economic Dynamics.
- Michael Zierhut, 2017. "Constrained efficiency versus unanimity in incomplete markets," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 64(1), pages 23-45, June.
- Pascal Stiefenhofer, 2009. "Production in General Equilibrium with Incomplete Markets," Discussion Papers 09/06, Department of Economics, University of York.
- Hervé Crès & Mich Tvede, 2001. "Proxy fights in incomplete markets: when majority voting and sidepayments are equivalent," SciencePo Working papers Main hal-01065004, HAL.
- Alberto Bisin & Gian Luca Clementi & Piero Gottardi, 2014. "Capital Structure and Hedging Demand with Incomplete Markets," NBER Working Papers 20345, National Bureau of Economic Research, Inc.
- Bisin, Alberto & Clementi, Gian Luca & Gottardi, Piero, 2022. "Capital Structure and Hedging Demand with Incomplete Markets," CEPR Discussion Papers 16968, C.E.P.R. Discussion Papers.
- repec:spo:wpecon:info:hdl:2441/10282 is not listed on IDEAS
- Hervé Crès & Mich Tvede, 2001. "Proxy fights in incomplete markets: when majority voting and sidepayments are equivalent," SciencePo Working papers hal-01065004, HAL.
- Guido Ruta & Piero Gottardi, 2009. "Equilibrium corporate finance," 2009 Meeting Papers 149, Society for Economic Dynamics.
- Alberto Bisin & Piero Gottardi & Guido Ruta, 2010. "Equilibrium Corporate Finance," Economics Working Papers ECO2010/01, European University Institute.
- Nagata, Ryo, 2005. "Inefficiency of equilibria with incomplete markets," Journal of Mathematical Economics, Elsevier, vol. 41(7), pages 887-897, November.
- repec:hal:wpspec:info:hdl:2441/10282 is not listed on IDEAS
- repec:spo:wpmain:info:hdl:2441/10282 is not listed on IDEAS
- Wettstein, David, 1995. "Incentives and competitive allocations in exchange economies with incomplete markets," Journal of Mathematical Economics, Elsevier, vol. 24(3), pages 201-216.
- Ritzberger, Klaus, 2005. "Shareholder voting," Economics Letters, Elsevier, vol. 86(1), pages 69-72, January.
More about this item
Keywords
Incomplete Markets; Firm Objective; Value Maximization; Shareholder Preferences;
All these keywords.JEL classification:
- D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
- D52 - Microeconomics - - General Equilibrium and Disequilibrium - - - Incomplete Markets
NEP fields
This paper has been announced in the following NEP Reports:- NEP-MIC-2004-06-27 (Microeconomics)
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wpa:wuwpge:0406002. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: EconWPA (email available below). General contact details of provider: https://econwpa.ub.uni-muenchen.de .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.