Productive efficiency in public and private firms

Article Abstract:

The degree of x-inefficieny resulting from the imposition of optimal incentive contracts in public and private firms are compared. A straightforward principal-agent model with two possible states of the world is used for the evaluation. It is shown that public ownerships performed with a higher degree of productive efficiency than private firms in the good state of the world.

Evaluation, Private companies, Industrial efficiency, Economic efficiency, Government business enterprises, Public enterprises, Government productivity

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Private pensions, mortality risk, and the decision to annuitize

Article Abstract:

Research examining factors responsible for families' decisions to annuitize is presented. Particular attention is given to types of annuities and to applications of a life-cycle consumption model to the process of developing an annuity measurement system.

Management, Measurement, Retirement, Annuities

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Government Debt and Private Leverage

Article Abstract:

Government financing decisions impact on corporate financial planning. Increased taxable government debt reduces corporate debt equilibrium. Increased tax-free government debt reduces corporate equity equilibrium.

Decision-making, Decision making, Finance

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