This paper generalizes the Ekern-Wilson (1974) analysis of ex post, non-competitive markets, stockholder unanimity. Most of the sufficient conditions are relaxed, and necessary conditions are provided as well. The precise roles of 'spanning' and 'small production change' are identified. Neither condition is necessary even though no particular restrictions are imposed on individuals preferences/beliefs. The cases of negative and positive unanimity are shown to be asymmetric. The analysis relies solely on elementary methods of revealed preference.
ASJC Scopus subject areas
- Economics and Econometrics