Choosing between big-bang and gradualist reforms: an option price approach

Article Abstract:

Gradualist and a big-bang approach to reform are examined, and the case against big-bang reforms is shown to be exaggerated by some economists.

United States, Economic Programs, Administration of Economic Programs, Research, Economic policy, Macroeconomics

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Designing an optimal privatization plan for restructuring firms and industries in transition

Article Abstract:

Privatization of firms and industries in transition is characterized by agent knowledge of ownership percentage, subsidy requirements and total firm number in an industry. Agents then optimize their expected utility based on profit, effort and random variables as the government authority adapts a Stackelberg-optimal plan. Such a plan is marked by lower bounds on agent ownership share and optimal industry sizes.

Models, Industrial organization

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Optimal voucher privatization fund bids when bidding affects firm performance

Article Abstract:

The proportion of ownership of each voucher privatization fund is dependent on both the relative skill of a fund as well as the initial endowment of vouchers available to that fund. This was gleaned from an examination of the voucher portfolio problem when bidders have different skills in restructuring the firms where they have acquired ownership. A model combining the distinctive features of voucher privatization is used to evaluate the mass privatization plans of the Czech Republic, Russia and Poland.

Analysis, Management, Business enterprises

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