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Differentiating ambiguity: an expository note

Eichberger, Jürgen; Grant, Simon; Kelsey, David - In: Economic Theory 36 (2008) 2, pp. 327-336

Persistent link: https://www.econbiz.de/10005753344

Eichberger, Jurgen; Grant, Simon; Kelsey, David - Business School, University of Exeter - 2006

In Ghirardato, Macheroni and MArcinaccri (GMM) propose a method for distinguishing between percieved ambiguity and the … subclass of a-MEU preferences. We show that for Hurwicz preferences the proposed measure of ambiguity depends on parameters … which intuitively reflect ambiguity-attitude. Furthermore, any a-MEU preferences which satisfy the CEU axioms, satisfy GMM …

Persistent link: https://www.econbiz.de/10008852487

The a-MEU Model: A Comment

Eichberger, Jurgen; Grant, Simon; Kelsey, David; … - Business School, University of Exeter - 2009

In [7] Ghirardato, Macheroni and Marinacci (GMM) propose a method for distinguishing between perceived ambiguity and …

Persistent link: https://www.econbiz.de/10008852488

The Existence of Equilibrium and the Objective Function of the Firm

Kelsey, David; Milne, Frank - 1992

We consider an economy in which firms' decisions are made by a collective decision of the shareholders. The main result shows that the simultaneous existence of an exchange equilibrium in the market for shares and a voting equilibrium in the internal decisions of firms. We present our results in...

Persistent link: https://www.econbiz.de/10011940529

Externalities, Monopoly and the Objective Function of the Firm

Milne, Frank; Kelsey, David - 2005

This paper provides a theory of general equilibrium with externalities and/or monopoly. We assume that the firm's decisions are based on the preferences of shareholders and/or other stakeholders. Under these assumptions, a firmrm will produce fewer negative externalities than the comparable...

Persistent link: https://www.econbiz.de/10011940696

Imperfect Competition and Corporate Governance

Milne, Frank; Kelsey, David - 2006

This paper studies corporate governance when a firm operates in imperfect markets. We derive firms' decisions from utility maximization by individuals. If those involved in decisions are also consumers, the usual monopoly distortion is reduced. Corporate governance can effect the equilibrium in...

Persistent link: https://www.econbiz.de/10011940697

Takeovers and Cooperatives

Milne, Frank; Kelsey, David - 2006

If consumers wholly or partially control a firm with market power they will charge less than the profit maximising price. Starting at the usual monopoly price, a small price reduction will have a second order effect on profits but a first order effect on consumer surplus. Despite this desirable...

Persistent link: https://www.econbiz.de/10011940727

Market Distortions and Corporate Governance

Kelsey, David - 2008

This paper studies corporate governance when a firm faces imperfect competition. We derive firms' decisions from utility maximization by individuals. This reduces the usual monopoly distortion. We find that corporate governance can effect the equilibrium in the product (or input) markets. This...

Persistent link: https://www.econbiz.de/10012727428

Market Distorsions and Corporate Governance

Kelsey, David - 2008

This paper studies corporate governance when a firm operates in imperfect markets. We derive firms' decisions from utility maximization by individuals. This reduces the usual monopoly distortion. Corporate governance can effect the equilibrium in the product (or input) markets. This enables us...

Persistent link: https://www.econbiz.de/10012727617

Takeovers and Cooperatives

Milne, Frank; Kelsey, David - Economics Department, Queen's University - 2006

If consumers wholly or partially control a firm with market power they will charge less than the profit maximising price. Starting at the usual monopoly price, a small price reduction will have a second order e¤ect on profits but a first order effect on consumer surplus. Despite this desirable...

Persistent link: https://www.econbiz.de/10005209121