A Note on Unanimity of Stockholders' Preferences among Alternative Production Plans: A Reformulation of the Ekern-Wilson Model
Volume: Volume 5, No. 1
Issue: Spring 1974
Pages: pp. 181-184
Authors: Roy Radner
Title: A Note on Unanimity of Stockholders' Preferences among Alternative Production Plans: A Reformulation of the Ekern-Wilson Model
Abstract: This note, which was stimulated by Ekern and Wilson's study of the theory of the firm in an economy with incomplete markets, gives conditions for ex ante and ex post stockholders to be unanimous in their respective preferences among alternative production plans. This modest extension of Ekern and Wilson's analysis is facilitated by reinterpreting their model in standard Arrow-Debreu terms.
JEL Classification
Microeconomic Theory General (0220)