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• Παπαδόπουλος, Κωνσταντίνος Γ.

In a stock-market economy under certainty, or uncertainty but with a complete set of asset markets, the objective of the firm is profit maximization. In an economy under uncertainty with incomplete asset markets, profit maximization is not a well-defined objective. We present a general equilibrium model of firm's investment decision under uncertainty based on the preferences of major shareholders and their corporate control power over production outcomes and we compare it to some well-established investment decision criteria.

• Economics and Business
• Mathematics

• Finance
• Economics
• Statistics
• Profit

firm behaviour, incomplete markets, Shapley value

Περιέχει πίνακες, σημειώσεις και βιβλιογραφία, I would like to thank J. Dreze, N. Kikidis and H. Polemarchakis for helpful discussions and an anonymous referee for his comments. I am the only responsible for possible errors.