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Endogenous Asset Ownership Structures in Deregulated Markets

Norbäck, Pehr-Johan; Persson, Lars - Institutet för Näringslivsforskning (IFN) - 2003

This paper determines the equilibrium ownership structure in an emerging market deregulated by privatization and … investment liberalization. It is shown that bidding competition in the privatization stage is necessary but not sufficient for … concessions in the bidding in the privatization auction. It is also shown that Employment Guarantees may "help" the buyer of the …

Persistent link: https://www.econbiz.de/10005645301

Supply Function Equilibria: Step Functions and Continuous Representations

Holmberg, Pär; Newbery, David; Ralph, Daniel - Institutet för Näringslivsforskning (IFN) - 2009

In most wholesale electricity markets generators must submit step-function offers of supply to a uniform price auction, and the market is cleared at the price of the most expensive offer needed to meet realised demand. Such markets can most elegantly be modelled as the pure-strategy, Nash...

Persistent link: https://www.econbiz.de/10005025457

Sealed Bid Auctions vs. Ascending Bid Auctions: An Experimental Study

Andersson, Christer; Andersson, Ola; Andersson, Tommy - Institutet för Näringslivsforskning (IFN) - 2011

This paper considers the sealed bid and ascending auction, which both identifies the minimum Walrasian equilibrium prices and where truthful preference revelation constitutes an equilibrium. Even though these auction formats share many theortical properties, there are behavioral aspects that are...

Persistent link: https://www.econbiz.de/10009323347

The Auctioning of a Failing Firm.

Persson, L. - Institutet för Näringslivsforskning (IFN) - 1999

This paper evaluates the welfare consequences of the failing firm doctrine in the EU and US merger laws. I combine an oligopoly model with an "endogenous valuations" auction model. Thereby, I take into account that, in an oligopoly, a firm's willingness to pay for the assets depends on the...

Persistent link: https://www.econbiz.de/10005639318

Getting a Better Price: Strategic Behaviour before Changes in Ownership of Corporate Assets

Friberg, Richard; Norbäck, Pehr-Johan; Persson, Lars - Institutet för Näringslivsforskning (IFN) - 2008

We propose a model of investments prior to corporate ownership changes. We derive conditions under which the selling of a firm triggers overinvestment by both the seller and the buyer prior to the asset transfer. In a setting with Cournot competition, we show that these incentives can drive the...

Persistent link: https://www.econbiz.de/10005645417

Privatization, Investment and Ownership Efficiency

Friberg, Richard; Norbäck, Pehr-Johan; Persson, Lars - Institutet för Näringslivsforskning (IFN) - 2008

the privatization. The two key mechanisms explaining the results are: (i) a government owner keeping control takes into …

Persistent link: https://www.econbiz.de/10005771095

Privatization Policy in an International Oligopoly

Norbäck, Pehr-Johan; Persson, Lars - Institutet för Näringslivsforskning (IFN) - 2003

relevant in privatization auctions than in greenfield FDI models, since these profit shifts are partly paid for by the foreign …This paper studies privatization policy in an international oligopoly. The argument that equal treatment of foreign …

Persistent link: https://www.econbiz.de/10005419497

Privatization as a part of a Liberalization Program in an International Oligopoly

Norbäck, Pehr-Johan; Persson, Lars - Institutet för Näringslivsforskning (IFN) - 2000

privatization. Market power is shown to be an important determinant of the equilibrium market structure, when greenfield investment …

Persistent link: https://www.econbiz.de/10005419531

Privatization of Credence Goods: Theory and an Application to Residential Youth Care

Lindqvist, Erik - Institutet för Näringslivsforskning (IFN) - 2008

A wide range of services provided by the public sector are credence goods, i.e., services for which the producer has private information whether a certain treatment is needed or not. This paper studies how ownership affects the incentives for producers to reveal such information to public...

Persistent link: https://www.econbiz.de/10005419540

Privatization and Foreign Competition.

Norback, P.J.; Persson, L. - Institutet för Näringslivsforskning (IFN) - 2001

This paper determines the equilibrium market structure in a mixed international oligopoly, where the state assets are sold at an auction. The model suggests that low greenfield costs and low trade costs induce foreign acquisitions. The intuition is that domestic firms can then not prevent...

Persistent link: https://www.econbiz.de/10005639285