The Welfare and Political Economy Dimensions of Private versus State Enterprise

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Abstract:

We revisit the theoretical debate concerning the merits of privatization by decomposing the welfare effect of transferring an enterprise from public to private ownership. A range of effects is considered including overproduction, subsidy valuation, redistribution, ownership and regulatory effects. The potential gains/losses from privatization are examined by considering the initial conditions facing enterprises under public ownership (whether technically and/or economically efficient) and a range of post-privatization market structures (whether monopoly, oligopoly or Walrasian).

Document Type: Original Article

DOI: http://dx.doi.org/10.1111/1467-9957.00294

Affiliations: 1: Centre on Regulation and Competition, University of Manchester, 2: School of Economics, University of the Philippines

Publication date: March 1, 2002

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