Strategic Behavior of Firms in Incomplete Markets

在具有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可能的转移。这给了这家公司市场力量。然而，企业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个可市场合同的公司，如金融中介机构或具有不同融资形式的公司。其目的是在一般均衡框架内对这类公司之间的寡头垄断竞争进行建模。这包括研究均衡的存在性、性质和最优性。特别是，应分析所提供的一套合同以及对个人决策的实际影响。除了消费决策，这还包括战略收购股份，以获得在公司的影响力。

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.