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The Challenges of PrivatizationAn International Analysis$
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Bernardo Bortolotti and Domenico Siniscalco

Print publication date: 2004

Print ISBN-13: 9780199249343

Published to Oxford Scholarship Online: April 2004

DOI: 10.1093/0199249342.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2020. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 03 December 2020

The Economic Theory of Privatization

The Economic Theory of Privatization

(p.5) 1 The Economic Theory of Privatization
The Challenges of Privatization


Oxford University Press

This chapter presents a concise survey of the economic literature of privatization providing the theoretical backing for the empirical analyses carried out in the book. The chapter shows why private or public ownership may matter in the behavior of firms. Then it surveys the main results of the political economy approach to privatization, taking into account political preferences and government constraints. Finally, it analyzes the optimal privatization method in order to achieve the various economic and political objectives.

Keywords:   allocative and productive efficiency, costs and benefits of privatization, incomplete contracts, irreversibility, nationalization, neutrality theorems, political economics, privatization methods, privatization theory

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