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Privatisation and Market Structure in a Transition Economy

  • John Bennett
  • James Maw

A model is developed in which an industry of N > I firms is privatized. The 'participation' method of privatization is used, whereby firms are sold for cash, but the state retains a proportionate share of ownership. In each firm the new private owner has the opportunity to make a reorganisational investment, before output Is produced. The investment is unobservable by the state, and therefore noncontractible. Thae Is Cournot competition In the product market. The welfare-maximizing retained ownership share for the state is analyzed; taking into account that potential buyers of firms may have limited access to finance.

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Paper provided by William Davidson Institute at the University of Michigan in its series William Davidson Institute Working Papers Series with number 175.

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Length: pages
Date of creation: 01 Jun 1998
Date of revision:
Handle: RePEc:wdi:papers:1998-175
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  1. Sinn, Hans-Werner & Weichenrieder, Alfons J., 1997. "Foreign direct investment, political resentment and the privatization process in eastern Europe," Munich Reprints in Economics 19562, University of Munich, Department of Economics.
  2. Dominique Demougin & Hans-Werner Sinn, 1992. "Privatization, Risk-Taking and the Communist Firm," Cahiers de recherche du Département des sciences économiques, UQAM 9216, Université du Québec à Montréal, Département des sciences économiques.
  3. Vickers, John, 1985. "Delegation and the Theory of the Firm," Economic Journal, Royal Economic Society, vol. 95(380a), pages 138-47, Supplemen.
  4. Mathias Dewatripont & Gérard Roland, 1997. "Transition as a process of large-scale institutional change," ULB Institutional Repository 2013/9659, ULB -- Universite Libre de Bruxelles.
  5. Blanchard, Olivier Jean, 1994. "Transition in Poland," Economic Journal, Royal Economic Society, vol. 104(426), pages 1169-77, September.
  6. Grosfeld, I. & Roland, G., 1995. "Defensive and Strategic Restructuring in Central European Enterprises," DELTA Working Papers 95-18, DELTA (Ecole normale supérieure).
  7. Greg Shaffer & Stephen W. Salant, 1999. "Unequal Treatment of Identical Agents in Cournot Equilibrium," American Economic Review, American Economic Association, vol. 89(3), pages 585-604, June.
  8. Susan J. Linz & Gary Krueger, 1998. "Enterprise Restructuring in Russia's Transition Economy: Formal and Informal Mechanisms," William Davidson Institute Working Papers Series 152, William Davidson Institute at the University of Michigan.
  9. Fershtman, Chaim & Judd, Kenneth L, 1987. "Equilibrium Incentives in Oligopoly," American Economic Review, American Economic Association, vol. 77(5), pages 927-40, December.
  10. Estrin, Saul & Hare, Paul G, 1999. "Output and Exports in Transition Economies: A Labour Management Model," CEPR Discussion Papers 2080, C.E.P.R. Discussion Papers.
  11. Marc Duponcel, 1998. "Restructuring of food industries in the five Central and Eastern European front-runners towards EU membership (CEEC-5). A comparative review," CERT Discussion Papers 9806, Centre for Economic Reform and Transformation, Heriot Watt University.
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