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- W3152262912 abstract "Neither econometric case studies nor economic theory lend themselves to the clear-cut statement that privatization will always increase efficiency. Econometric case studies, typically dealing only with productive efficiency, find many examples for higher efficiency in private than in public firms, but also examples for the contrary and cases where according to one criterion the private firm does better and according to another criterion the public firm is more efficient. (See Bas, 1991, pp. 50-60.) Economic theory typically presents trade-offs, for instance, by arguing that privatization increases productive efficiency, but distorts allocative efficiency. Whether privatization is to be recommended in such a case depends on the weights of these counterveiling effects. To illustrate the kind of trade-offs in such approaches, consider the above-mentioned model where the privatization of a monopolistic enterprise improves X-efficiency but distorts allocative efficiency. For a two-product enterprise Figure 1 presents the production-possibility frontier for the output quantities x, and X2. We assume that this frontier is not changed by the enterprise's shift from 100% public ownership to 100% private ownership. However, the change in ownership implies a shift in the objectives of the firm's owners and in the management's incentives. Therefore, with the same inputs the point of production in Figure 1 will be located differently in the public and in the privatized firm. Let us assume that the private firm produces at point A. It is productively fully efficient, but since it maximizes profits, this point is far from point B, which is the X -efficient production which maximizes welfare. At B, the highest welfare-curve, I which can be attained given the production possibilities of the firm is reached." @default.
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- W3152262912 date "2011-01-01" @default.
- W3152262912 modified "2023-09-27" @default.
- W3152262912 title "An Alternative to Privatization: Coping with Managerial Slack in Public Firms" @default.
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