Public Enterprise Privatization: A General Equilibrium Analysis

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Title:	Public Enterprise Privatization: A General Equilibrium Analysis
Authors:	Wu, Chung-Yu;Liang, Wen-Jung;Mai, Chao-Cheng
Date:	2016-05-01
Issue Date:	2016-11-26 02:11:31 (UTC+8)
Publisher:	Wiley-Blackwell Publishing Ltd.
Abstract:	This paper develops a general equilibrium model to examine the short-run and long-run optimal privatization policies. By assuming that all firms are public firms initially, the paper focuses on how the degree of product differentiation γ and the average efficiency of the industry influence the determination of the optimal privatization policy. The paper shows that privatization decreases the more efficient firms' outputs while increases the less efficient firms' outputs in the short run, and reduces all firms' outputs in the long run. The paper also shows that the larger is γ and the smaller is the number of firms, the more privatized will be the public firm in the short run. Moreover, as γ or the entry barrier fE is sufficiently small, full privatization is the best policy in the long run. On the contrary, as γ and fE are large enough, partial privatization is optimal.
Relation:	Review of Development Economics 20(2), pp.456-467
DOI:	10.1111/rode.12253
Appears in Collections:	[Graduate Institute & Department of Industrial Economics] Journal Article

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