In the present paper we study voting-based corporate control in a general equilibrium model with incomplete financial markets. Since voting takes place in a multi-dimensional setting, super-majority rules are needed to ensure existence of equilibrium. In a linear-quadratic setup we show that the...

We consider weak preference orderings over a set An of n alternatives. An individual preference is of refinement \ell\leqn if it first partitions An into \ell subsets of `tied' alternatives, and then ranks these subsets within a linear ordering. When \elln, preferences are coarse. It is shown...

When aggregating individual preferences through the majority rule in an n-dimensional spatial voting model, the ‘worst-case’ scenario is a social choice configuration where no political equilibrium exists unless a super majority rate as high as 1 − 1/n is adopted. In this paper we assume...

When aggregating individual preferences through the majority rule in an n-dimensional spatial voting model, the ‘worst-case’ scenario is a social choice configuration where no political equilibrium exists unless a super-majority rate as high as 1 — 1/(n+1) is adopted. In this paper we...

We consider weak preference orderings over a set An of n alternatives. An individual preference is of refinement ≤ n if it first partitions An into subsets of ‘tied’ alternatives, and then ranks these subsets within a linear ordering. When n, preferences are coarse. It is shown that, if...

In a simple parametric general equilibrium model with S states of nature and K · S ¯rms |and thus potentially incomplete markets|, rates of super majority rule ½ 2 [0; 1] are computed which guarantee the existence of ½{majority stable production equilibria: within each ¯rm, no alternative...

When aggregating individual preferences through the majority rule in an n-dimensional spatial voting model, the worst-case scenario is a social choice conÞguration where no political equilibrium exists unless a super majority rate as high as 1−1/n is adopted. In this paper we assume that a...

In this paper the existence of unemployment is partly explained as being the result of coordination failures. It is shown that as a result of self-fulfilling pessimistic expectations, even at Walrasian prices, a continuum of equilibria results, among which an equilibrium with approximately no...