| Budget Amount *help |
¥4,030,000 (Direct Cost: ¥3,400,000、Indirect Cost: ¥630,000)
Fiscal Year 2009: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2008: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2007: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2006: ¥1,300,000 (Direct Cost: ¥1,300,000)
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| Research Abstract |
I investigate gradual reform of regulation. I focus on partial privatization of public enterprises and partial liberalization in formerly regulated monopoly markets. I formulate a new model of mixed oligopoly where state-owned public enterprises compete against private firms. I drop the assumption of single public enterprise, which is widely adopted in the literature on mixed oligopoly. I find that (i) welfare-gains of privatizations are accelerating, so poor performance at early stages of privatization program does not imply the failure of the whole privatization program. (ii) Smaller size privatization programs more likely fail and (iii) The government should improve the competitiveness of the market before privatizing the public firms. I also formulate a mixed oligopoly model where both domestic and foreign investors are possible buyers of the stocks of a partially privatized firm. We find that privatization more likely succeeds when the presence of foreign investors is larger. I also investigate the relationship between liberalization and introduction of zero-emission facilities. We find that under plausible assumptions, the firms more likely adopt zero-emission power plants when the degree of liberalization is larger.
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