This paper examines a model of privatization and divestiture of a vertically integrated public monopoly. The framework is used to derive general conditions of how mixed companies might be used to promote efficient outcomes without assuming either an ideal social planner or superior cost performance of private enterprise. The conditions suggest that efficient public policy towards mixed (public-private partnership) companies depends on basic cost and demand conditions. The results indicate that: (1) a vertically integrated private monopoly can be more efficient than any combination of mixed companies when there is a sufficiently flat linear (elastic) demand curve and relatively greater (upward sloping) marginal cost for the downstream sector; (2) an upstream public and downstream public firm can achieve the first best outcome when the downstream firm has constant marginal costs; and (3) a partial privatization of the upstream firm achieves higher welfare than taking that action for the downstream firm. The intuition behind the propositions is provided using standard features of cost and demand. While the implications for public policy regarding privatization and divestiture in infrastructure sectors are not definitive, the results underscore the importance of understanding cost and demand conditions when developing and implementing public policies.

中文翻译：

---

混合所有制公司的高效绩效：垂直整合的公共垄断企业的私有化和剥离

本文考察了垂直整合的公共垄断企业的私有化和剥离模式。该框架用于推导混合公司如何用于促进有效成果的一般条件，而无需假设理想的社会规划者或私营企业的卓越成本绩效。这些条件表明，针对混合（公私合作）公司的有效公共政策取决于基本成本和需求条件。结果表明：（1）当有足够平坦的线性（弹性）需求曲线和相对较大（向上倾斜）的下游部门边际成本时，垂直整合的私人垄断可以比混合公司的任何组合更有效率；（2）当下游公司的边际成本不变时，上游上市公司和下游上市公司都能取得最优结果；(3) 上游公司的部分私有化比为下游公司采取该行动获得更高的福利。命题背后的直觉是使用成本和需求的标准特征提供的。虽然基础设施部门私有化和剥离对公共政策的影响尚不明确，但结果强调了在制定和实施公共政策时了解成本和需求条件的重要性。命题背后的直觉是使用成本和需求的标准特征提供的。虽然基础设施部门私有化和剥离对公共政策的影响尚不明确，但结果强调了在制定和实施公共政策时了解成本和需求条件的重要性。命题背后的直觉是使用成本和需求的标准特征提供的。虽然基础设施部门私有化和剥离对公共政策的影响尚不明确，但结果强调了在制定和实施公共政策时了解成本和需求条件的重要性。