- 著者
- TAKAKI ABE
- 出版者
- JAPANESE ECONOMIC ASSOCIATION
- 雑誌
- The Economic Studies Quarterly (ISSN:0557109X)
- 巻号頁・発行日
- vol.43, no.2, pp.139-153, 1992-06-20 (Released:2007-10-19)
- 参考文献数
- 13
In an economy with incomplete markets, it is hard to define the objective each firm possesses because it is difficult to evaluate the state contingent net outputs of a firm as current values and aggregate them as the net value of the firm. In this paper, extending Radner's (1972) model of an exchange economy and viewing the relationship between firms and shareholders as noncooperative, we define an appropriate equilibrium in which each firm has a rational perception of the net value of the firm and maximizes this perceived net value. Then we analyze a characterization of the efficiency of equilibria introducing a new notion of efficiency.