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We develop a macroeconomic framework in which firms are large and have market power with respect to both products and labor. Each firm maximizes a share-weighted average of shareholder utilities, which makes the equilibrium independent of price normalization. In a one-sector economy, if returns...
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In this paper, I develop a model of oligopoly with shareholder voting. Instead of assuming that firms maximize profits … monopolist. In a model of general equilibrium oligopoly with shareholder voting, higher levels of wealth inequality and …
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