A Note on Unanimity of Stockholders' Preferences among Alternative Production Plans: A Reformulation of the Ekern-Wilson Model

Roy Radner

Bell Journal of Economics, 1974, vol. 5, issue 1, 181-184

Abstract: This note, which was stimulated by Ekern and Wilson's study of the theory of the firm in an economy with incomplete markets, gives conditions for ex ante and ex post stockholders to be unanimous in their respective preferences among alternative production plans. This modest extension of Ekern and Wilson's analysis is facilitated by reinterpreting their model in standard Arrow-Debreu terms.

Date: 1974
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