Competition in a stock market with small firms
Certain economic phenomena are commonly attributed to a lack of competition. Reversely, their absence can be considered as a minimal requirement for any notion of perfect competition. In particular, both disagreement of shareholders on the objectives of a firm and suboptimality of equilibria are often explained by insufficient competition in the stock market. Therefore one might require that a perfectly competitive stock market implies shareholder unanimity and optimality of equilibria. The paper studies a mean-variance model of a competitive stock market where shareholder unanimity and existence and optimality of equilibrium can be shown.
- Competitive Stock Markets
- Equilibrium in incomplete markets. I: A basic model of generic existence
- Equilibrium in incomplete markets. II: Generic existence in stochastic economies
- Expected utility maximization and capital budgeting subgoals
- scientific article; zbMATH DE number 3599745 (Why is no real title available?)
- scientific article; zbMATH DE number 3307201 (Why is no real title available?)
- On Shareholder Unanimity in Large Stock Market Economies
- On the Optimality of the Stock Market Allocation of Investment
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