Recent contributions to the literature on Public-private Partnerships identify conditions that support task bundling vis-à-vis a conventional model of procurement in which the State delegates investments and operations into di¤erent …rms. When asymmetric information between agents is a concern, the literature …nds that risk allocation, long term contracting, and commitment matter for sector per...

This study aims to analyze the determinants of vertical integration (ownership and contract-ing) among peasant farmers in Northern Algeria. The choice of asset control is between ownership and a simple contracting. Thus, the integration of vertical stages of agricultural produc-tion leads to higher gross margins, influences the choice of marketing and supply channels, and improves market partic...

An important task of the asset management process is the evaluation of the long-range investment and resource planning of the assets of the complete power system and the life cycle cost assessment of different type of substations. The calculation of the long-range investment and resource planning can be performed by using dynamic asset simulation tools, which represent the statistical behavior ...

Reputation is a valuable asset to firms, yet the impact of corporate governance of reputationreliant firms is underexplored. This paper investigates how a firm’s reputation in the product market responds to a change in its controlling shareholder, and derives the optimal firm ownership and control structure. We consider a dynamic model of an experience-goods firm, in which a controlling shareho...

We develop a simple model that links the adoption of a productivity-enhancing technology to increased vertical integration and a less skilled workforce. We test the model’s key prediction using novel microdata on vehicle ownership patterns from the Economic Census during a period when computerized dispatching systems were first adopted by taxicab firms. Controlling for time-invariant firm-speci...

We report results from an experiment based on a simplified version of Hart's (1995) property rights theory of the firm. Only one manager invests and this investment is completely specific. In that case the theory predicts that the level of investment is not affected by the level of no-trade payoffs if these payoffs are modeled as threat points (as Hart does). If instead no-trade payoffs are mod...

What role does the fourth retirement pillar of home ownership and private saving play in rich nations? Does this asset-based welfare spread the risks of retirement provision or does it distort consumption patterns and fail to improve the non-housing consumption of the elderly? Is it associated with more or less inequality of retirement consumption? This paper examines the role of home ownership...

"This paper investigates the association between population age structure, particularly the share of the population in the 'prime saving years' 45-60, and the returns on stocks and bonds. The paper is motivated by the claim that the aging of the 'Baby Boom' cohort in the United States is a key factor in explaining the recent rise in asset values. It also addresses the associated claim that asse...