The objective of a privately owned firm under imperfect competition
This paper proposes a model of imperfect competition among privately owned firms that act in the best interest of their shareholders. The existence of a solution for the model is proved under weaker conditions than the ones generally used in the literature. In particular, the results did not require the existence of a continuous equilibrium price selection or concavity assumptions on the profit function.
firm`s objective, shareholder`s preference, imperfect competition, general equilibrium
scientific article; zbMATH DE number 5323293