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Public Ownership: Concepts and Applications.

Abstract:

Public ownership is viewed as a restriction on the portfolio of equities held by investors. Three conditions are required to justify such restrictions. First, monitoring and coordination create concentration in supply or demand. Second, complete contracts must be infeasible or undesirable. Third, the creation of property rights may give rise to undesirable outcomes if demand in subsequent periods is uncertain. Using a multiperiod analysis, public ownership may be justified in circumstances in...

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Publisher:
CEPR
Volume:
182
Series:
C.E.P.R.Discussion Papers
Host title:
C.E.P.R.Discussion Papers
Publication date:
1987-01-01
Paper number:
182
Language:
English
UUID:
uuid:08c4d522-c9b6-4741-a99d-a2417b7b8a8a
Local pid:
oai:economics.ouls.ox.ac.uk:11719
Deposit date:
2011-08-16

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