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Public Utilities: Privatization without Regulation

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Abstract

In the last decades, transitional countries of Central and Eastern Europe have engaged in strong privatization programs of public utilities. However, a large part of them did not meet legal and economic conditions needed for a market economy to take place. In this paper, we study how a firm producing a public utility and moving from a public ownership to privatization and thus adopting a profit-maximizing criterion defines its production plans, when an appropriate regulatory environment is still lacking.

Suggested Citation

  • Ornella Tarola, 2010. "Public Utilities: Privatization without Regulation," Czech Economic Review, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, vol. 4(1), pages 062-078, March.
  • Handle: RePEc:fau:aucocz:au2010_062
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    References listed on IDEAS

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    1. Tirole, Jean, 1994. "The Internal Organization of Government," Oxford Economic Papers, Oxford University Press, vol. 46(1), pages 1-29, January.
    2. Zhang, Yinfang & Parker, David & Kirkpatrick, Colin, 2005. "Competition, regulation and privatisation of electricity generation in developing countries: does the sequencing of the reforms matter?," The Quarterly Review of Economics and Finance, Elsevier, vol. 45(2-3), pages 358-379, May.
    3. Nellis, J., 1999. "Time to Rethink Privatization in Transition Economies?," Papers 38, World Bank - International Finance Corporation.
    4. Sarah M. Ryan, 2004. "Capacity Expansion for Random Exponential Demand Growth with Lead Times," Management Science, INFORMS, vol. 50(6), pages 740-748, June.
    5. Nam, Sang-jin & Logendran, Rasaratnam, 1992. "Aggregate production planning -- A survey of models and methodologies," European Journal of Operational Research, Elsevier, vol. 61(3), pages 255-272, September.
    6. Jeffry M. Netter & William L. Megginson, 2001. "From State to Market: A Survey of Empirical Studies on Privatization," Journal of Economic Literature, American Economic Association, vol. 39(2), pages 321-389, June.
    7. Jean-Jacques Laffont & Jean Tirole, 1993. "A Theory of Incentives in Procurement and Regulation," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262121743.
    8. Stephen Nickell, 1977. "Uncertainty and Lags in the Investment Decisions of Firms," Review of Economic Studies, Oxford University Press, vol. 44(2), pages 249-263.
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    More about this item

    Keywords

    Privatization; public utilities; dynamic programming;

    JEL classification:

    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms
    • L33 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Comparison of Public and Private Enterprise and Nonprofit Institutions; Privatization; Contracting Out

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