We study internalization of production externalities in perfectly competitive markets where production plans are decided by majority voting. Since shareholders want firms to maximize dividends of portfolios rather than profits, they are interested in some internalization. Two governances, namely...

This paper provides an axiomatic characterization of a family of so-called efficient maxmin solutions which can be seen as generalizations of the Kalai-Smorodinsky solution to nonconvex n-person bargaining problems. Moreover, it is shown that even though there are several efficient maxmin...

In the present paper, we are concerned with the behavioural consequences of consumers having nontransitive preference relations. Data sets consist of finitely many observations of price vectors and consumption bundles. A preference relation rationalizes a data set provided that for every...

An economy with two dates is considered, one state at the first date and a finite number of states at the last date. Shareholders determine production plans by voting - one share, one vote - and at <InlineEquation ID="Equ1"> <EquationSource Format="TEX">$\rho$</EquationSource> </InlineEquation>-majority stable stock market equilibria, alternative production plans are supported by at...</equationsource></inlineequation>