Author
Abstract
The Viner-Wong envelope theorem tells us that at optimum capacity, long-run and short-run marginal costs are equal. This theorem implies that the combination of long-run optimal capacity with short-run competitive behavior generates long-run efficiency. This property underlies many privatization schemes of the past two decades. We explore the robustness of this long-run efficiency property by extending the Viner-Wong partial equilibrium setup to a simple general equilibrium one. We show that long-run efficiency then fails to be true because the short-run model may feature multiple short-run equilibria that are all except one long-run inefficient. Therefore, it is necessary to supplement optimal capacity and short-run competitive behavior by a cap on the remuneration rate of the firm’s capital input so that the latter does not significantly exceed the remuneration of comparably risky assets.// El teorema de la envolvente de Viner-Wong afirma que los costos marginales son iguales, a largo y corto plazos, a la capacidad óptima. Este teorema implica que la combinación de la capacidad óptima a largo plazo con el comportamiento competitivo a corto plazo genera eficiencia a largo plazo. Esta propiedad se encuentra detrás de muchos proyectos de privatización de los pasados dos decenios. Exploramos aquí la solidez de esta propiedad de eficiencia a largo plazo extendiendo el contexto de equilibrio parcial de Viner-Wong a un contexto de equilibrio general simple. Demostramos entonces que la eficiencia a largo plazo no es cierta porque el modelo de corto plazo podría contener varios equilibrios de corto plazo que son ineficientes a largo plazo, excepto uno de ellos. Por tanto, es necesario complementar la capacidad óptima y el comportamiento competitivo a corto plazo por un tope para la tasa de remuneración del insumo de capital de la empresa, de modo que no exceda significativamente la remuneración de activos de riesgo comparable.
Suggested Citation
Balasko, Yves, 2006.
"Las privatizaciones y la eficiencia a largo plazo,"
El Trimestre Económico, Fondo de Cultura Económica, vol. 0(289), pages 5-21, enero-mar.
Handle:
RePEc:elt:journl:v:73:y:2006:i:289:p:5-21
DOI: http://dx.doi.org/10.20430/ete.v73i289.551
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