Corporate Production and Shareholder Cooperation under Uncertainty
构建了一个两期生产经济模型，研究未来产出和资源不确定时，仅通过股票市场进行跨期交易的经济均衡性质，发现跨期均衡分配总位于经济复制的最小核中，对理解股东合作与市场均衡有理论意义。
A two-period model of an economy with production and with uncertain future outputs and resources is investigated. Intertemporal trade is only possible via the stock market. Spanning equilibrium allocations lie always in the smallest core of each replica of the economy. If a feasible allocation is not a price-taking equilibrium allocation and satisfies an interiority and a liquidity condition, then, in some replica of the economy, the replicated allocation does not belong to the largest core. Copyright 1991 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.