Incomplete Contracts and Public Ownership: Remarks, and an Application to Public-Private Partnerships
The question of what should determine the boundaries between public and private firms in an advanced capitalist economy is a highly topical one. In this paper I discuss some recent theoretical thinking on this issue. I divide the paper into two parts. First, I make some general remarks about the relationship between the theoretical literature on privatisation and incomplete contracting theories of the firm. Second, I use some of the ideas from this literature to develop a very preliminary model of public-private partnerships. Copyright Royal Economic Society 2003
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Volume (Year): 113 (2003)
Issue (Month): 486 (March)
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