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Ownership Structure and Efficiency in Large Economies

Bejan, Camelia and Bidian, Florin (2009): Ownership Structure and Efficiency in Large Economies.

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We analyze the limit behavior of sequences of oligopolistic equilibria in which firms follow objectives consistent with their shareholders' interests. We show that the efficiency of the limit allocation depends on how firms' shares are distributed 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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