Constrained efficiency versus unanimity in incomplete markets
Constrained efficiency versus unanimity in incomplete markets
复制标题
不完全市场中的受限效率与一致意见
DOI：
10.1007/s00199-016-0968-1
复制
发表时间：
2017
期刊：
影响因子：
1.3
通讯作者：
Michael Zierhut
中科院分区：
文献类型：
--
作者：
Michael Zierhut
在不完全市场的生产经济中，股东对最优生产计划意见不一，企业没有自然目标。从规范的角度来看，公司应该选择计划，导致一个约束帕累托有效配置。从积极的角度来看，公司的所有决定都应该得到大多数股东的支持。本文探讨的是，是否可以为企业设计既符合规范标准又符合积极标准的目标。答案是否定的：受约束的有效生产计划通常会被大多数股东拒绝。这一发现与Makowski平衡的一般不存在性有关。
In production economies with incomplete markets, shareholders disagree about optimal production plans, and there is no natural objective of the firm. From a normative perspective, the firm should choose plans that lead to a constrained Pareto efficient allocation. From a positive perspective, all decisions of the firm should be supported by a majority of shareholders. This paper asks whether one can design objectives for the firm that meet both normative and positive criteria. The answer is negative: Constrained efficient production plans would generically be turned down by a majority of shareholders. This finding is related to the generic nonexistence of Makowski equilibria.