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題名 | Investment Decisions and Normalization with Incomplete Markets: A Pitfall in Aggregating Shareholders' Preferences |
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作者姓名(外文) | Ventura, Luigi; | 書刊名 | International Journal of Business and Economics |
卷期 | 3:1 民93.04 |
頁次 | 頁21-28 |
分類號 | 563.54 |
關鍵詞 | Investment decisions; Normalization; Incomplete markets; |
語文 | 英文(English) |
英文摘要 | Profit maximization is not a well defined objective when markets are incomplete. Several criteria of investment choice have therefore been put forward in the literature, some of which crucially hinge upon aggregation of shareholders’ preferences, as is the case with the criteria proposed by Drèze (1974) and Grossman and Hart (1979). This note shows that these criteria are normalization dependent, i.e., their outcome depends on the good chosen to express individuals’ marginal rates of substitution. |
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