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-form solutions for the volume and the structure of trade. Empirical results support the implications of the theory. Trade in …
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In this paper, I develop a model of oligopoly with shareholder voting. Instead of assuming that firms maximize profits, the objective of the firms is decided by majority voting. This implies that portfolio diversification generates tacit collusion. In the limit, when all shareholders are...
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. In this article, we analyze the impact of market imperfections induced by risk-aversion on the long-term investment … portfolio structure in the market. We show that risk-averse electricity market agents who receive a managerial profit share may … shift the technology structure in the market significantly away from the welfare optimum. A numerical example provides …
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