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A Pareto-Optimal Dividend Policy Author(s): Robert Wilson Source: Management Science, Vol. 13, No. 9, Series A, Sciences (May, 1967), pp. 756-764 Published by: INFORMS Stable URL: /stable/2628092 Accessed: 18/11/2009 00:13 Your use of the JSTOR archive indicates your acceptance of JSTORs Terms and Conditions of Use, available at /page/info/about/policies/terms.jsp. JSTORs Terms and Conditions of Use provides, in part, that unless you have obtained prior permission, you may not download an entire issue of a journal or multiple copies of articles, and you may use content in the JSTOR archive only for your personal, non-commercial use. Please contact the publisher regarding any further use of this work. Publisher contact information may be obtained at /action/showPublisher?publisherCode=informs. Each copy of any part of a JSTOR transmission must contain the same copyright notice that appears on the screen or printed page of such transmission. JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact support@. INFORMS is collaborating with JSTOR to digitize, preserve and extend access to Management Science. MANAGEMENT SCIENCE Vol. 13, No. 9, May, 1967 Printed in U.S.A. A PARETO-OPTIMAL DIVIDEND POLICY*` ROBERT WILSON Stanford University A Pareto-optimal sequential dividend policy for a syndicate is obtained in a tractable special case. The relationship between the many-person and single- person problems is investigated, and it is shown that the group acts as though it were an individual with ris
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