Privatization, Market Liberalization, and Learning in Transition Economies
通过构建市场学习模型，挑战了私有化与市场自由化互补的传统观点，指出在转型经济中过度私有化可能阻碍自由化后的学习过程，并论证了当学习成本足够高时，不完全私有化才是最优选择。
Abstract Privatization and market liberalization are widely considered to be complementary reforms in transition economies. This article challenges this view and the closely related “big bang” approach: when pursued too vigorously, privatization may impede the transition process following liberalization. Our result is based on an explicit model of market learning. Compared to a mature market, a market in transition is characterized by greater uncertainty regarding market conditions, including equilibrium prices and quantities. Economic actors must learn about these conditions through their participation in the market process. Less than full privatization is optimal if the costs of learning are sufficiently important.