We investigate the claim made by proponents of the big-bang strategy that the establishment of property rights in an economy in transition creates its own demand for the enforcement of laws to protect those rights. Our model contains a government engaging in activities to accomplish objectives...

We explore an overlooked aspect of the design of the Czech voucher privatization programme, namely, the consequences of allowing individuals to distribute their vouchers among the voucher privatization funds (VPFs). We develop and analyse a model of voucher privatization in which we study the...

Voucher privatization has emerged as a feature of the transition in post-communist economies. While the choice problem facing voucher holders is strikingly similar to the conventional portfolio choice problem, the voucher portfolio problem (VPP) has two important distinguishing characteristics....