showSidebars ==
showTitleBreadcrumbs == 1
node.field_disable_title_breadcrumbs.value ==
Why So Much Consensus? Reciprocal Aggregation and the Duality Between Persons and Groups
|
TOPIC:
|
Why so much consensus? Reciprocal aggregation and the duality between persons and groups
|
ABSTRACT
Why do shareholders so often vote like one man in general assembly meetings? Unless markets are perfect, this challenges the conventional wisdom. We address this puzzle by proposing a general equilibrium notion of reciprocal aggregation: Firms aggregate the preferences of shareholders, and reciprocally shareholders aggregate the of perceived preferences (or beliefs) of
rms. We show how a mere Pareto condition for both aggregation mechanisms results in full alignment of shareholders, and restores the
rst welfare theorem even in case of severe market failures.
Please click here to download paper.
|
|

|
Presenter
|
Research Fields
Theory of General Equilibrium and The Theory of Social Choice
|
Date:
11 March 2016 (Friday)
|
Time:
4pm - 5.30pm
|
Venue:
Meeting Room 5.1, Level 5
School of Economics
Singapore Management University
90 Stamford Road
Singapore 178903
|
|
|
|