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Private or Public? A Taxonomy of Optimal Ownership and Management Regimes

Author

Listed:
  • King, S.
  • Pitchford, R.

Abstract

We develop a theory of public versus private ownership based on value diversion by managers. Government is assumed to face stronger institutional constraints than has been assumed in previous literature. The model which emerges from these assumptions is flexible and has wide application. We provide a mapping between the qualitative characteristics of an asset, its main use - including public goods characteristics, and spillovers to other assets values - and the optimal ownership and management regime.

Suggested Citation

  • King, S. & Pitchford, R., 1998. "Private or Public? A Taxonomy of Optimal Ownership and Management Regimes," Department of Economics - Working Papers Series 625, The University of Melbourne.
    • Handle: RePEc:mlb:wpaper:625
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    Cited by:

    1. David Martimort & Flavio Menezes & Myrna Wooders & ELISABETTA IOSSA & DAVID MARTIMORT, 2015. "The Simple Microeconomics of Public-Private Partnerships," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 17(1), pages 4-48, February.
    2. Elisabetta Iossa & David Martimort, 2012. "Risk allocation and the costs and benefits of public--private partnerships," RAND Journal of Economics, RAND Corporation, vol. 43(3), pages 442-474, September.
    3. Mahavadi Dhanshyam & Samir K. Srivastava, 2021. "Governance structures for public infrastructure projects: Public–private management regimes, contractual forms and innovation," Construction Management and Economics, Taylor & Francis Journals, vol. 39(8), pages 652-668, August.
    4. Schmitz, Patrick W., 2021. "Optimal ownership of public goods under asymmetric information," Journal of Public Economics, Elsevier, vol. 198(C).
    5. Laura Abrardi & Luca Colombo & Pier Angelo Mori, 2016. "Customer Ownership And Quality Provision In Public Services Under Asymmetric Information," Economic Inquiry, Western Economic Association International, vol. 54(3), pages 1499-1518, July.
    6. Eva I. Hoppe & Patrick W. Schmitz, 2021. "How (Not) to Foster Innovations in Public Infrastructure Projects," Scandinavian Journal of Economics, Wiley Blackwell, vol. 123(1), pages 238-266, January.
    7. Jean-Etienne de Bettignies & Thomas W. Ross, 2010. "The Economics of Public–Private Partnerships: Some Theoretical Contributions," Chapters, in: Graeme A. Hodge & Carsten Greve & Anthony E. Boardman (ed.), International Handbook on Public–Private Partnerships, chapter 7, Edward Elgar Publishing.
    8. Cook, David C. & Lonsdale, Mark, 2006. "A strategic protection approach to biosecurity: Policy implications of an ‘immune system’ model for addressing the risks and consequences of invasive species," 2006 Conference (50th), February 8-10, 2006, Sydney, Australia 174469, Australian Agricultural and Resource Economics Society.
    9. de Bettignies, Jean-Etienne & Ross, Thomas W., 2009. "Public-private partnerships and the privatization of financing: An incomplete contracts approach," International Journal of Industrial Organization, Elsevier, vol. 27(3), pages 358-368, May.
    10. Jean-Etienne de Bettignies & Thomas W. Ross, 2004. "The Economics of Public-Private Partnerships," Canadian Public Policy, University of Toronto Press, vol. 30(2), pages 135-154, June.
    11. Cook, David C. & Fraser, Rob W. & Weinert, Andrew S., 2013. "Eradication vs. Control in Biosecurity Policy-Making: Mediterranean Fruit Fly in Western Australia," 87th Annual Conference, April 8-10, 2013, Warwick University, Coventry, UK 158701, Agricultural Economics Society.
    12. Cook, David C. & Fraser, Rob W. & Weinert, Andrew S., 2013. "An Example of How Chemical Regulation is Affecting Biosecurity Policy-Making: Mediterranean Fruit Fly in Western Australia," 2013 Conference (57th), February 5-8, 2013, Sydney, Australia 152142, Australian Agricultural and Resource Economics Society.
    13. Lassila, Jukka & Lazutka, Romas & Morkuniene, Audrone & Jensen, Svend E. Hougaard, 2002. "Lithuanian Pension System: Alternatives and Proposals for the Future - A Summary Report by The Phare Study Group," Discussion Papers 713, The Research Institute of the Finnish Economy.
    14. Pitchford, R. & King, S., 1998. "Private or Public? A Taxonomy of Optimal Ownership and Management Regimes," Papers 343, Australian National University - Department of Economics.
    15. Ross Guest, 2010. "The Proposed Privatisation of Queensland Motorways," Economic Papers, The Economic Society of Australia, vol. 29(1), pages 23-33, March.
    16. Bennett, John & Iossa, Elisabetta, 2006. "Building and managing facilities for public services," Journal of Public Economics, Elsevier, vol. 90(10-11), pages 2143-2160, November.
    17. David C. Cook & Shuang Liu & Brendan Murphy & W. Mark Lonsdale, 2010. "Adaptive Approaches to Biosecurity Governance," Risk Analysis, John Wiley & Sons, vol. 30(9), pages 1303-1314, September.
    18. repec:ags:aare05:139327 is not listed on IDEAS
    19. Oliver Hart, 2003. "Incomplete Contracts and Public Ownership: Remarks, and an Application to Public-Private Partnerships," Economic Journal, Royal Economic Society, vol. 113(486), pages 69-76, March.
    20. Richard J. Kish & Amy F. Lipton, 2013. "Do Private Prisons Really offer Savings Compared with their Public Counterparts?," Economic Affairs, Wiley Blackwell, vol. 33(1), pages 93-107, February.
    21. Mattheus Wassenaar & Raymond Gradus & Toon Molleman, 2017. "Public vs Nonprofit Incarceration: The Case of The Netherlands," Tinbergen Institute Discussion Papers 17-023/VIII, Tinbergen Institute.
    22. Nicolas Campos & Eduardo Engel & Ronald D. Fischer & Alexander Galetovic, 2019. "Renegotiations and corruption in infrastructure: The Odebrecht case," "Marco Fanno" Working Papers 0230, Dipartimento di Scienze Economiche "Marco Fanno".
    23. Stefan Markowski & Robert Wylie, 2012. "Using Commercial Discipline To Improve Australian Defence Procurement: Misplaced Enthusiasm?," Contemporary Economic Policy, Western Economic Association International, vol. 30(3), pages 448-462, July.

    More about this item

    Keywords

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    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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