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The two waves of voucher privatization in the Czech Republic: a model of learning in sequential bidding

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  • Jan Hanousek
  • Eugene Kroch

Abstract

This study develops a dynamic model of bidding behaviour to investigate the Czech voucher privatization process, which took place in two waves of bidding rounds, the first in 1992 and the second in 1994. It examines the voucher mechanism from the standpoint of investors and the pricing and allocation of shares. Investors could participate as independent individuals or by assigning some of all of their voucher points to investment privatization funds. Principal findings are that individual participants behaved differently from funds and benefited by learning from one round to the next and from observing the behaviour of the funds. An important collateral finding is that the market, though crude, behaved efficiently in the adjustment of share prices over the bidding rounds.

Suggested Citation

  • Jan Hanousek & Eugene Kroch, 1998. "The two waves of voucher privatization in the Czech Republic: a model of learning in sequential bidding," Applied Economics, Taylor & Francis Journals, vol. 30(1), pages 133-143.
    • Handle: RePEc:taf:applec:v:30:y:1998:i:1:p:133-143
    DOI: 10.1080/000368498326227
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    Cited by:

    1. Jan Hanousek & Evžen Kočenda, 2011. "Learning by investing," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 19(1), pages 125-149, January.
    2. Jan Hanousek & Randall K. Filer, 2000. "Lange and Hayek Revisited: Lessons from Czech Voucher Privatization," CERGE-EI Working Papers wp166, The Center for Economic Research and Graduate Education - Economics Institute, Prague.
    3. Evžen Kočenda & Jan Hanousek, 2012. "State ownership and control in the Czech Republic," Economic Change and Restructuring, Springer, vol. 45(3), pages 157-191, August.
    4. Jan Hanousek & Evžen Kočenda, 2008. "Kontrolní potenciál státu nad zprivatizovanými podniky [Control potential of the state in privatized firms]," Politická ekonomie, Prague University of Economics and Business, vol. 2008(4), pages 467-483.
    5. Jan Hanousek & Evžen Kočenda, 2008. "Potential of the state to control privatized firms," Economic Change and Restructuring, Springer, vol. 41(2), pages 167-186, June.

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