Selling public enterprises: a cost-benefit methodology
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| Main Authors: | , , |
|---|---|
| Format: | Book |
| Language: | Undetermined |
| Published: |
Cambridge, Mass. u.a.
MIT Press
1990
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| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | VII, 241 S. graph. Darst. |
| ISBN: | 026210041X |
Staff View
MARC
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Record in the Search Index
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| adam_text | Contents
Acknowledgments xi
1 An Economic Approach to Divestiture 1
1.1 Divestiture of Public Enterprise 1
1.2 Divestiture: Stylized Facts and Analytical Tools 1
1.3 The Role of Valuation and Price 3
1.4 Market Failures versus Organizational Failures 5
1.5 Approach 7
1.6 Overview 8
2 Basic Concepts 10
2.1 Private Value (Vpp) 11
2.2 Value to Society under Private Operation (V,p) 12
2.3 Value to Society under Government Operation (V^) 13
2.4 The Shadow Multiplier on Government Revenue (kt) 14
2.5 The Shadow Multiplier on Private Profits (kp) 15
2.6 The Fundamental Formula of Divestiture 16
2.7 Should the Enterprise Be Sold7 16
2.8 At What Price Should It Be Sold? 18
2.9 To Whom Should the Enterprise Be Sold7 19
2.10 The Difference Principle 20
2.11 Conclusion 20
3 Welfare Weights 21
3.1 Shadow Pricing 21
3.2 The Basic Framework for Welfare Aggregation 21
3.3 The Valuation of Public Income (A,) 24
3.4 The Valuation of Private Income (kp) 30
3.5 The Valuation of Investment (k,) 34
Contents vi
3.6 Synthesis: Comparison of k9 and kp 40
Appendix: Development of the Formula for kt 49
4 Competitive Equilibrium: No Sale 52
4.1 General Results 53
4.2 Base Flows and Stocks 56
4.3 Private Values (Vpp) 61
4.4 Sale Prices and Public Values 70
4.5 Implications 73
5 Allocative versus Cost Efficiency: The Fundamental
Trade Off 74
5.1 The Basic Methodology 75
5.2 Perfect Competition 78
5.3 Monopoly 83
5.4 Monopsony and Returns to Owners of Inputs 90
5.5 Oligopoly and Returns to Other Firms 95
5.6 Intermediate Goods and Quality Changes 97
5.7 Conclusion 102
6 Shadow Pricing of Inputs and Outputs 104
6.1 Nonprice Rationing 104
6.2 Indirect Taxes 116
6.3 Shadow Prices Proper 118
6.4 Conclusion 122
7 Synergies 123
7.1 Definitions 123
7.2 A Classification of Synergies 124
7.3 The Measurement of Synergies 127
7.4 Strategic Behavior 129
8 Valuation Algorithm and Sensitivity Analysis 131
8.1 Valuation Algorithm 131
8.2 Sensitivity Analysis 140
5.3 Conclusion 152
9 Winners and Losers 153
9.1 Analytics: Distribution 153
9.2 Distributional Realities 157
Contents
9.3 Why Divestiture Now? 162
9.4 LDCs versus MDCs 174
9.5 Conclusion 179
10 Divestiture Policy in a Cost Benefit Framework 180
10.1 Dimensions of Divestiture Policy 180
10.2 Lifting Constraints on Public Enterprise Behavior 183
10.3 Improving the Net Benefit of Divestiture 186
10.4 Coping with Political Constraints on Divestiture 188
10.5 The Use of Our Framework as an Act of Economic Policy V
11 Summary and Extensions 196
11.1 Chapter by Chapter Summary 196
11.2 Extensions: Ex post Evaluation 201
11.3 Conclusion 204
Notes 205
i Bibliography 223
Index 239
i
1
List of Tables
Table 3.1 Marginal excess burden from raising extra revenue from specific
portions of the tax system 28
Table 3.2 Estimates of the shadow price of government funds 29
Table 3.3 Comparative values of shadow multiplier for investment 38
Table 3.4 Values of shadow multipliers 41
Table 3.5 Multipliers of private and public income: sensitivity
analysis 43
Table 4.1 Assumptions for corporation A 53
Table 4.2 Profit and loss statement for corporation A 56
Table 4.3 Balance sheet for corporation A 57
Table 4.4 Production and distribution flows for corporation A 59
Table 4.5 Wealth statement and funds flows for corporation A 60
Table 4.6 Private wealth statement for corporation A 61
Table 4.7 Public wealth statement for corporation A 72
Table 5.1 Willingness to pay with perfect competition and efficiency
gains 81
Table 5.2 Production and distribution flows for corporation A
(competitive case) 82
Table 5.3 Production and distribution flows for corporation A
(monopoly case) 88
Table 8.1 Illustrative valuation run 132
Table 8.2 Variables in valuation algorithm 135
Table 8.3 Summary of text examples 137
Table 8.4 LDC base run 142
Table 8.5 Sensitivity results 145
Table 8.6 Selling a loss making enterprise 150
List of Figures
Figure 3.1 Effect of a commodity tax in a competitive market 23
Figure 3.2 The optimal capital tax 48
Figure 5.1 Increase in profits under competition (constant cost case) 79
Figure 5.2 Increase in profits under competition (U shaped cost case) 80
Figure 5.3 Change in profits and social welfare under monopoly 84
Figure 5.4 Rents to owners of inputs 92
Figure 5.5 Change in input rents 94
Figure 5.6 Derived demand 99
Figure 6.1 Consumer surplus under alternative rationing schemes:
the linear case 106
Figure 6.2 Consumer surplus under alternative rationing schemes:
the nonlinear case 107
Figure 6.3 Approximation to welfare change under rationing 109
Figure 6.4 Job rationing in the order of reservation wages 112
Figure 6.5 Rationing in reverse order of reservation wages 113
Figure 6.6 Welfare adjustment for shadow pricing 120
|
| any_adam_object | 1 |
| author | Jones, Leroy P. Tandon, Pankaj Vogelsang, Ingo 1943- |
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| indexdate | 2024-07-09T16:13:43Z |
| institution | BVB |
| isbn | 026210041X |
| language | Undetermined |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-002780920 |
| oclc_num | 260157201 |
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| physical | VII, 241 S. graph. Darst. |
| publishDate | 1990 |
| publishDateSearch | 1990 |
| publishDateSort | 1990 |
| publisher | MIT Press |
| record_format | marc |
| spelling | Jones, Leroy P. Verfasser aut Selling public enterprises a cost-benefit methodology Leroy P. Jones ; Pankaj Tandon ; Ingo Vogelsang Cambridge, Mass. u.a. MIT Press 1990 VII, 241 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Kosten-Nutzen-Analyse (DE-588)4032589-1 gnd rswk-swf Privatisierung (DE-588)4047297-8 gnd rswk-swf Öffentliches Unternehmen (DE-588)4075581-2 gnd rswk-swf Öffentliches Unternehmen (DE-588)4075581-2 s Privatisierung (DE-588)4047297-8 s Kosten-Nutzen-Analyse (DE-588)4032589-1 s DE-604 Tandon, Pankaj Verfasser aut Vogelsang, Ingo 1943- Verfasser (DE-588)124166601 aut HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=002780920&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Jones, Leroy P. Tandon, Pankaj Vogelsang, Ingo 1943- Selling public enterprises a cost-benefit methodology Kosten-Nutzen-Analyse (DE-588)4032589-1 gnd Privatisierung (DE-588)4047297-8 gnd Öffentliches Unternehmen (DE-588)4075581-2 gnd |
| subject_GND | (DE-588)4032589-1 (DE-588)4047297-8 (DE-588)4075581-2 |
| title | Selling public enterprises a cost-benefit methodology |
| title_auth | Selling public enterprises a cost-benefit methodology |
| title_exact_search | Selling public enterprises a cost-benefit methodology |
| title_full | Selling public enterprises a cost-benefit methodology Leroy P. Jones ; Pankaj Tandon ; Ingo Vogelsang |
| title_fullStr | Selling public enterprises a cost-benefit methodology Leroy P. Jones ; Pankaj Tandon ; Ingo Vogelsang |
| title_full_unstemmed | Selling public enterprises a cost-benefit methodology Leroy P. Jones ; Pankaj Tandon ; Ingo Vogelsang |
| title_short | Selling public enterprises |
| title_sort | selling public enterprises a cost benefit methodology |
| title_sub | a cost-benefit methodology |
| topic | Kosten-Nutzen-Analyse (DE-588)4032589-1 gnd Privatisierung (DE-588)4047297-8 gnd Öffentliches Unternehmen (DE-588)4075581-2 gnd |
| topic_facet | Kosten-Nutzen-Analyse Privatisierung Öffentliches Unternehmen |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=002780920&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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