Owner or Holder? A Critical Study of Property Rights in Public Services
Journal of Institutional and Theoretical Economics (JITE), 2009, vol. 165, issue 2, 230-249
This paper deals with efficient organizational choices for the provision of public services. To better apprehend observed contracts of public-private partnerships, we depart from the property -rights literature to distinguish between ownership, rights to make residual decisions, and rights to receive residual benefits. Indeed, such rights can be temporarily transferred to a private firm, even if ownership of the assets remains public. Hence, such a separation makes it possible to analyse the large continuum of contracts from full private to full public management. Our results show that there is always a degree of private involvement that is socially efficient.
JEL-codes: D23 H7 H11 L33 (search for similar items in EconPapers)
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