![]() ![]() Although private firms seem more productive than SOEs, the government selectively privatized (or liquidated) non-performing SOEs. Privatization of state-owned enterprises (SOEs) was a major economic reform during China's rapid growth, but its true impact remains controversial. ![]() We study how ownership affects productivity. ![]() " Privatization and Productivity in China ," with Yuyu Chen, Masayuki Sawada, and Mo Xiao, the RAND Journal of Economics, 52:4 (Winter 2021), 884–916. Simulations suggest some mergers could have prolonged the vitamin C cartel, but others could have further destabilized it, because both the direction and magnitude of coordinated effects depend not only on the number of firms but also on their cost asymmetry. We use data and direct evidence from American courts and European agencies to show the collusive incentive of the short-lived vitamin C cartel was likely to be negative when it actually collapsed in 1995, whereas the incentives of the long-lived cartels (vitamins A and E, and beta carotene) were unambiguously positive until the prosecution in 1999. Do mergers help or hinder collusion? This paper studies the stability of the vitamin cartels in the 1990s and presents a repeated-games approach to quantify "coordinated effects" of a merger. " Measuring the Incentive to Collude : The Vitamin Cartels, 1990–99," with Takuo Sugaya, the Review of Economic Studies, 89:3 (May 2022), 1460–1494. ![]()
0 Comments
Leave a Reply. |