We analyze productivity-improving mergers in mixed triopoly and explore stable market structures. We find the only stable market structure contains a merged public-private firm and one private firm with about 57% of shares owned by the public firm.

We examine the range of anonymity that is compatible with a Paretian social welfare relation (SWR) on infinite utility streams. Three alternative coherence properties of an SWR are considered, namely, acyclicity, quasi-transitivity, and Suzumura consistency. For each case, we show that a...

This paper examines the endogenous choice problem of each firm's price or quantity contract in a mixed duopoly composed of one social welfare maximizing public firm and one relative profit-maximizing private firm. In this paper, we show that unless the degree of product differentiation and the...

This paper analyzes a duopolistic model wherein each firm׳s owner can hire a biased manager for strategic reasons. We focus on the situation wherein each firm׳s owner evaluates the performance of her/his manager on the basis of her/his relative profit, which is equal to the weighted sum of...