Strategic Behavior of Firms in Incomplete Markets

不完全市场中企业的战略行为

• 批准号: 346629185
• 负责人: Michael Zierhut, Ph.D.
• 金额: --
• 依托单位: The Finance Group @ Humboldt
• 依托单位国家: 德国
• 项目类别: Research Grants
• 财政年份: 2017
• 资助国家: 德国
• 起止时间: 2016-12-31 至 2019-12-31
• 项目状态: 已结题
• 来源: https://gepris.dfg.de/gepris/projekt/346629185?language=en
• 关键词: Strategic; Behavior; Firms; Incomplete; Markets

In general equilibrium models with incomplete markets, decisions of firms determine the possible transfers of consumption across time and states of the world. This gives the firm market power. However, strategic behavior of firms is still one of the greatest research gaps in general equilibrium theory. The focus of this project is on firms with multiple marketable contracts, such as financial intermediaries or companies with different forms of finance. The aim is to model oligopolistic competition between such firms in a general equilibrium framework. This includes the study of existence, properties, and optimality of equilibrium. In particular, the set of offered contracts and the real effects on decisions of individuals shall be analyzed. Besides consumption decisions this includes strategic acquisition of shares to gain influence in the firm.

在不完全市场的一般均衡模型中，企业的决策决定了消费在时间和世界状态之间的可能转移。这给了企业市场力量。然而，企业的战略行为仍然是一般均衡理论中最大的研究空白之一。该项目的重点是拥有多种可销售合同的公司，如金融中介机构或拥有不同形式融资的公司。其目的是在一般均衡的框架内，这些公司之间的寡头竞争模型。这包括研究平衡的存在性、性质和最优性。特别是，应分析所提供的合同集和对个人决策的真实的影响。除了消费决策，这包括战略性收购股份，以获得在公司的影响力。

项目成果

Generic regularity of differentiated product oligopolies

差异化产品寡头垄断的一般规律

• DOI: 10.1007/s00199-020-01249-1
• 发表时间: 2020
• 期刊: Economic Theory
• 影响因子: 1.3
• 作者: Zierhut

Nonexistence of constrained efficient production plans

不存在受约束的高效生产计划

• DOI: 10.1016/j.jmateco.2019.04.011
• 发表时间: 2019
• 期刊: Journal of Mathematical Economics
• 影响因子: 1.3
• 作者: Zierhut

Financial intermediation and the welfare theorems in incomplete markets

金融中介和不完全市场中的福利定理

• DOI: 10.1007/s00199-020-01294-w
• 发表时间: 2020
• 期刊: Economic Theory
• 影响因子: 1.3
• 作者: Bettzüge;und Hens;und Zierhut
• 通讯作者: und Zierhut

Indeterminacy of Cournot–Walras equilibrium with incomplete markets

不完全市场下古诺塔瓦尔拉均衡的不确定性

• DOI: 10.1007/s00199-020-01248-2
• 发表时间: 2020
• 期刊: Economic Theory
• 影响因子: 1.3
• 作者: Zierhut