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Privatization under Asymmetric Information


  • Dieter Bös


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.

Suggested Citation

  • Dieter Bös, 2000. "Privatization under Asymmetric Information," CESifo Working Paper Series 244, CESifo Group Munich.
  • Handle: RePEc:ces:ceswps:_244

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    References listed on IDEAS

    1. Masahiko Aoki, 2013. "A Model of the Firm as a Stockholder-Employee Cooperative Game," Chapters,in: Comparative Institutional Analysis, chapter 9, pages 141-142 Edward Elgar Publishing.
    2. Masahiko Aoki, 2013. "Equilibrium Growth of the Hierachical Firm: Shareholder-Employee Cooperative Game Approach," Chapters,in: Comparative Institutional Analysis, chapter 10, pages 143-153 Edward Elgar Publishing.
    3. Bos, Dieter & Nett, Lorenz, 1991. "Employee Share Ownership and Privatisation: A Comment," Economic Journal, Royal Economic Society, vol. 101(407), pages 966-969, July.
    4. 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.
    5. Laffont, Jean-Jacques, 1994. "The New Economics of Regulation Ten Years After," Econometrica, Econometric Society, vol. 62(3), pages 507-537, May.
    6. 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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    Privatization; asymmetric information;


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