haku: @author Radner, R. / yhteensä: 9
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| Tekijä: | Dutta, P. Radner, R. |
| Otsikko: | Profit maximization and the market selection hypothesis |
| Lehti: | Review of Economic Studies
1999 : OCT, VOL. 66(4):229, p. 769-798 |
| Asiasana: | ECONOMICS PROFIT MARKET SEGMENTATION |
| Kieli: | eng |
| Tiivistelmä: | The authors examine the proposition that competitive firms must behave as if they were maximizing profits; otherwise they would go bankrupt, or even fail to be financed in a competitive capital market. The authors investigate a model in which an entrepreneur raises funds for a risky enterprise on a competitive capital market, by offering a "dividend policy" based on the realized (stochastic) flow of earnings. The authors show that an entrepreneur who maximizes the expected sum of discounted dividends is sure to fail in finite time. |
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