haku: @author Grodal, B. / yhteensä: 3
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| Tekijä: | Dierker, E. Grodal, B. |
| Otsikko: | The price normalization problem in imperfect competition and the objective of the firm |
| Lehti: | Economic Theory
1999 : AUG, VOL. 14:2, p. 257-284 |
| Asiasana: | ECONOMICS PRICES COMPETITION COMPANIES |
| Kieli: | eng |
| Tiivistelmä: | This paper proposes a definition of the objective of a firm, called maximization of shareholders' real wealth, which takes shareholders' demand explicitly into account, this objective depends on relative prices only. Real wealth maxima exist under certain conditions. The paper considers an oligopolistic market and proves the existence of a Nash equilibrium in which each firm maximizes the real wealth of its shareholders. |
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