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Internal Regulation By Mixed Enterprises: The Case Of The Italian Water Sector

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  • Alessandro MARRA
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    Abstract

    This paper aims at proposing an economic analysis of mixed enterprises in local utilities. We suggest that the public service concession to mixed enterprises could embody a noteworthy substitute to the traditional public provision and the concession to totally private enterprises. The starting point of the entire analysis is that ownership allows the (public) owner to gather more information about the actual management of the firm, according to property rights theory. Following it, we conclude that under certain conditions mixed enterprises could significantly reduce asymmetric information between regulators and regulated firms by implementing a sort of 'internal' regulation. With more information, the public authority can stimulate the private operator to be more efficient and can monitor it more effectively with respect to the fulfilment of contractual obligations. Moreover, concerning the latter function, the board of directors of these enterprises can be the suitable place where public and private representatives can meet to solve all disputes arising from incomplete contracts. Copyright 2007 The Authors Journal compilation � CIRIEC 2007.

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    Bibliographic Info

    Article provided by Wiley Blackwell in its journal Annals of Public and Cooperative Economics.

    Volume (Year): 78 (2007)
    Issue (Month): 2 (06)
    Pages: 245-275

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    Handle: RePEc:bla:annpce:v:78:y:2007:i:2:p:245-275

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    Cited by:
    1. Marques, Rui Cunha & Berg, Sanford V, 2010. "Revisiting the strengths and limitations of regulatory contracts in infrastructure industries," MPRA Paper 32890, University Library of Munich, Germany.
    2. Julie de Brux & Frederic Marty, 2014. "IPPP Risks and opportunities an economic perspective," Documents de Travail de l'OFCE 2014-11, Observatoire Francais des Conjonctures Economiques (OFCE).
    3. Nuno Ferreira da Cruz & Pedro Simões & Rui Cunha Marques, 2013. "The hurdles of local governments with PPP contracts in the waste sector," Environment and Planning C: Government and Policy, Pion Ltd, London, vol. 31(2), pages 292-307, April.
    4. Alberto Ruiz-Villaverde & Andrés J. Picazo-Tadeo & Francisco González-Gómez, 2013. "The “social choice” of privatising urban water services: a case study of Madrid in Spain," Working Papers 1322, Department of Applied Economics II, Universidad de Valencia.

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