We analyze the limit behavior of sequences of oligopolistic equilibria in which firms follow objectives consistent with their shareholders’ interests. We show that convergence to a competitive outcome may fail for some distributions of firms’ shares across consumers and provide a...

We analyze the limit behavior of sequences of oligopolistic equilibria in which firms follow objectives consistent with their shareholders' interests. We show that convergence to a competitive outcome may fail for some distributions of firms' shares across consumers, and provide a...

When externalities are present, is the inclusion of the affected stakeholders in the firm’s decision process a better solution than the shareholder governance or government regulation? This paper shows that, in the absence of income effects (i.e., if preferences are quasi-linear), a Coase-type...