Abstract
The objective of the research is to provide an analytic framework for the privatization of agricultural land in transforming economies using auction mechanisms. Although the reasons why this has been taken up as a major task of the research was already partly explained by the discussion in the previous chapters, this chapter will summarize the major arguments raised in the previous chapters, and in addition, will also provide an overview of what is to be expected in the rest of the paper.
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References
This is actually equivalent to the idea of full privatization proposed by Andreff (1992).
Boycko, Schleifer, and Vishny (1996) offer a political economy approach to the analysis of the privatization problem, and Bös (1991) provides some analyses of the various aspects of privatization activities.
The reader is referred to the article of Samuelson (1990) for an interesting discussion on the price offered for land when there is serial correlation in the factors affecting the land price. This model shows what happens to land prices when say, a drought this year leading to a lower price this year could also increase the probability of a lower price in the following period. In this article, the author uses martingales to show that speculation in the face of negative autocorrelation in the sequence of price quotations does not give anyone a positive profit.
He is one of the two awardees of the 1996 Nobel Prize in Economics for his contribution in the analysis of asymmetric information models, such as that in his 1961 pioneering paper on auction theory.
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© 1998 Betriebswirtschaftlicher Verlag Dr. Th. Gabler GmbH, Wiesbaden
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Braun, J. (1998). Objectives and scope of the study. In: Large-scale Privatization via Auctions. Kasseler Wirtschafts- und Verwaltungswissenschaften, vol 7. Deutscher Universitätsverlag, Wiesbaden. https://doi.org/10.1007/978-3-322-97775-5_3
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DOI: https://doi.org/10.1007/978-3-322-97775-5_3
Publisher Name: Deutscher Universitätsverlag, Wiesbaden
Print ISBN: 978-3-8244-6777-8
Online ISBN: 978-3-322-97775-5
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