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| Author: | Biais, B. Perotti, E. |
| Title: | Machiavellian privatization |
| Journal: | American Economic Review
2002 : MAR, VOL. 92:1, p. 240-258 |
| Index terms: | POLITICAL PARTIES POLITICS PRIVATIZATION VOTING |
| Language: | eng |
| Abstract: | The authors analyze politically motivated privatization in a bipartisan environment. When median-class voters a priori favor redistributive policies, a strategic privatization program allocating them enough shares can induce a voting shift away from left-wing parties whose policy would reduce the value of shareholdings. To induce median-class voters to buy enough shares to shift political preferences, strategic rationing and underpricing is often necessary. |
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