Privatization under Asymmetric Information
This paper models privatization as a cooperative game between the government, a trade union and the private shareholders. These players kno w that privatization increases the efficiency of a firm, but only the management of the firm knows the exact value of the relevant productivity-increasing parameter. This incomplete information changes many of the results which were attained in Bös (1991) in a full-information setting.
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- Guesnerie, Roger & Laffont, Jean-Jacques, 1984. "A complete solution to a class of principal-agent problems with an application to the control of a self-managed firm," Journal of Public Economics, Elsevier, vol. 25(3), pages 329-369, December.
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Econometric Society, vol. 62(3), pages 507-37, May.
- Aoki, Masahiko, 1982. "Equilibrium Growth of the Hierarchical Firm: Shareholder-Employee Cooperative Game Approach," American Economic Review, American Economic Association, vol. 72(5), pages 1097-1110, December.
- Aoki, Masahiko, 1980. "A Model of the Firm as a Stockholder-Employee Cooperative Game," American Economic Review, American Economic Association, vol. 70(4), pages 600-610, September.
- Freixas, Xavier & Laffont, Jean-Jacques, 1985. "Average cost pricing versus marginal cost pricing under moral hazard," Journal of Public Economics, Elsevier, vol. 26(2), pages 135-146, March.
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