A Multilevel Model of Privatization in Emerging Economies
Why are so many emerging economies privatizing state-owned enterprises, and how does that affect their performance? The author proposes a dynamic multilevel model to answer these questions. Firm-level arguments need to be complemented by industry- and country-level arguments to explain why some enterprises are privatized but not others. Similarly, changes in firm governance resulting from privatization are only one determinant of postprivatization performance: changes in industry structure, regulation, and country-level variables are as important. Furthermore, changes introduced at all three levels in one round of reform influence the context within which subsequent privatizations occur.
In this paper, we introduce and study the bilevel optimization ::: problems in topological spaces without linear structure. For these problems, ::: we establish two models which are different in the feasible region setting of ::: lower-level problems. Some new existence results are obtained in rather weak ::: conditions. These theorems improve and generalize the corresponding results ::: of bilevel optimization in the literatures.