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| Author: | Jehiel, P. Moldovanu, B. |
| Title: | The design of an efficient private industry |
| Journal: | Journal of the European Economic Association
2004 : APR-MAY, VOL. 2:2-3, p. 516-525 |
| Index terms: | business-government relations industrial structure private sector |
| Freeterms: | production rights |
| Language: | eng |
| Abstract: | Government-sponsored auctions for production rights (license auctions, privatizations, etc.) shape the industry structure. Are there mechanisms that induce an efficient industry structure (at least when there are no positive costs to public funds)? The answer is "no" whenever companies have private information about both fixed and marginal costs. The analysis also suggests that the second-best industry may either be more competitive or more monopolistic than the first-best one. |
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