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Constantin Colonescu

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Open access Sep 2026

The State as a Common Shareholder: Common Ownership, Consumer Surplus, and Competition

We study a Cournot industry in which the state holds equity stakes in competing firms and thereby acts as a common shareholder. The government’s objective combines the return on its public portfolio with consumer surplus, while firms aggregate private and public-owner objectives according to ownership weights. The mode...

Constantin Colonescu, Subhadip Ghosh · 0 citations

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