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Ownership structure and profit maximization in general equilibrium models of monopolistic competition

Author

Listed:
  • Vincent Boitier

    (GAINS - Groupe d'Analyse des Itinéraires et des Niveaux Salariaux - UM - Le Mans Université)

Abstract

Using Hart (1979, 1985) and Mas-Colell (1984), I defend the idea that the standard ownership structure is somewhat problematic in general equilibrium models of monopolistic competition because profit maximization is not a justified objective of the firm. I then advocate that a solution to overcome this methodological issue is when ownership is disproportionally concentrated among households.

Suggested Citation

  • Vincent Boitier, 2023. "Ownership structure and profit maximization in general equilibrium models of monopolistic competition," Post-Print hal-04204661, HAL.
    • Handle: RePEc:hal:journl:hal-04204661
    DOI: 10.17811/ebl.12.1.2023.85-90
    as

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