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Privatize or Not? Escaping Budget Temptation and Nirvana Fallacy

  • Afontsev, S.

    (Institute for World Economy and International Relations, Moscow, Russia)

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    The article argues that most objections against a new wave of privatization in Russia suffer from a 'Nirvana fallacy', i.e., rely on undue comparison of limited (yet positive) results of actual privatization policies with the alleged ability of the government to raise efficiency of non-privatized enterprises. Empirical results available thus far suggest that optimal policy choice is to combine privatization with proactive competition policies.

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    Article provided by New Economic Association in its journal Journal of the New Economic Association.

    Volume (Year): 20 (2013)
    Issue (Month): 4 ()
    Pages: 150-153

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    Handle: RePEc:nea:journl:y:2013:i:20:p:150-153
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    1. Rafael La Porta & Florencio López-De-Silanes, 1999. "The Benefits Of Privatization: Evidence From Mexico," The Quarterly Journal of Economics, MIT Press, vol. 114(4), pages 1193-1242, November.
    2. Jan Hanousek & Evžen Ko?enda & Jan Svejnar, 2004. "Ownership, Control and Corporate Performance After Large-Scale Privatization," William Davidson Institute Working Papers Series 2004-652, William Davidson Institute at the University of Michigan.
    3. S. Afontsev & S. J. Lee., 2013. "Russian Big Business Facing Challenges of the Global Crisis," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 5.
    4. 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.
    5. Okten, Cagla & Arin, K. Peren, 2006. "The Effects of Privatization on Efficiency: How Does Privatization Work?," World Development, Elsevier, vol. 34(9), pages 1537-1556, September.
    6. Demsetz, Harold, 1969. "Information and Efficiency: Another Viewpoint," Journal of Law and Economics, University of Chicago Press, vol. 12(1), pages 1-22, April.
    7. Denisova, Irina & Eller, Markus & Frye, Timothy & Zhuravskaya, Ekaterina, 2012. "Everyone hates privatization, but why? Survey evidence from 28 post-communist countries," Journal of Comparative Economics, Elsevier, vol. 40(1), pages 44-61.
    8. Irina Denisova & Markus Eller & Timothy Frye & Ekaterina Zhuravskaya, 2012. "Everyone Hates Privatization, but Why? Survey Evidence from 28 Post-Communist Countries," PSE - Labex "OSE-Ouvrir la Science Economique" halshs-00754602, HAL.
    9. Saul Estrin & Jan Hanousek & Evzen Kocenda & Jan Svejnar, 2009. "The Effects of Privatization and Ownership in Transition Economies," Journal of Economic Literature, American Economic Association, vol. 47(3), pages 699-728, September.
    10. Ksenia Yudaeva & Konstantin Kozlov & Natalia Melentieva & Natalia Ponomareva, 2003. "Does foreign ownership matter?," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 11(3), pages 383-409, 09.
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