Ownership structure and efficiency in large economies |
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| Authors: | Camelia Bejan Florin Bidian |
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| Institution: | 1. Rice University, MS 22, PO Box 1892, Houston, TX, 77251-1892, USA
2. University of Minnesota, 4-101 Hanson Hall, 1925 4th Street South, Minneapolis, MN, 55455, USA
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| Abstract: | We analyze the limit behavior of sequences of oligopolistic equilibria in which firms follow objectives consistent with their shareholders?? interests. We show that convergence to a competitive outcome may fail for some distributions of firms?? shares across consumers and provide a characterization of the class of ownership structures that lead to Walrasian equilibrium allocations in the limit. |
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