Regulating with market information
Autor(a) principal: | |
---|---|
Data de Publicação: | 2023 |
Tipo de documento: | Tese |
Idioma: | eng |
Título da fonte: | Repositório Institucional da UFPE |
Texto Completo: | https://repositorio.ufpe.br/handle/123456789/55527 |
Resumo: | Governments often provide goods and services by hiring private firms that are already operating in the market. This is the case of the Programa Universidade para Todos(PROUNI), created in 2004 to provide scholarships to low-income students by private institutions of higher education. In exchange, the private institutions participating in the program benefit from tax exemptions. Studies have shown a positive impact of PROUNI on variables such as accessibility, permanence and academic performance. However, studies conducted by the Federal Court of Auditors have demonstrated that the government is paying a higher price than the market median. Traditional theory treats regulated firms as if they exclusively serve the regulator. In reality, firms usually operate in the market. These market operations can provide information for the regulator. This study examines how the regulator can use market information to save information rents and reduce allocative distortions. Assuming that costs are not observed by the government, we follow the theoretical framework implemented by Baron and Myerson, who analyze contracts based on the principal-agent paradigm. The innovation to the regulatory literature is that it uses the firm’s own information in the market to reveal its type. Using a model with one monopolistic firm and another with two firms in an oligopolistic market, interesting results are obtained: when the government observes what the firm does in the private market and conditions its behavior on it, optimal regulation requires the quantity of the first-best for the efficient firm and less distortion for the inefficient firm’s contract. In addition, the use of this information allows for fiscal savings. |
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BUSTOS, Francisco Javier Contrerashttp://lattes.cnpq.br/3822455705605633http://lattes.cnpq.br/1422520414482292LIMA, Rafael Coutinho Costa2024-03-20T19:32:26Z2024-03-20T19:32:26Z2023-08-31CONTRERAS BUSTOS, Francisco Javier. Regulating with market information. 2023. Tese (Doutorado em Economia) – Universidade Federal de Pernambuco, Recife, 2023.https://repositorio.ufpe.br/handle/123456789/55527Governments often provide goods and services by hiring private firms that are already operating in the market. This is the case of the Programa Universidade para Todos(PROUNI), created in 2004 to provide scholarships to low-income students by private institutions of higher education. In exchange, the private institutions participating in the program benefit from tax exemptions. Studies have shown a positive impact of PROUNI on variables such as accessibility, permanence and academic performance. However, studies conducted by the Federal Court of Auditors have demonstrated that the government is paying a higher price than the market median. Traditional theory treats regulated firms as if they exclusively serve the regulator. In reality, firms usually operate in the market. These market operations can provide information for the regulator. This study examines how the regulator can use market information to save information rents and reduce allocative distortions. Assuming that costs are not observed by the government, we follow the theoretical framework implemented by Baron and Myerson, who analyze contracts based on the principal-agent paradigm. The innovation to the regulatory literature is that it uses the firm’s own information in the market to reveal its type. Using a model with one monopolistic firm and another with two firms in an oligopolistic market, interesting results are obtained: when the government observes what the firm does in the private market and conditions its behavior on it, optimal regulation requires the quantity of the first-best for the efficient firm and less distortion for the inefficient firm’s contract. In addition, the use of this information allows for fiscal savings.CNPqOs governos geralmente fornecem bens e serviços contratando empresas privadas que já estão operando no mercado. Esse é o caso do Programa Universidade para Todos (PROUNI), criado em 2004 para fornecer bolsas de estudo a estudantes de baixa renda por instituições privadas de ensino superior. Em troca, as instituições privadas que participam do programa se beneficiam de isenções fiscais. Estudos demonstraram um impacto positivo do PROUNI em variáveis como acessibilidade, permanência e desempenho acadêmico. No entanto, estudos realizados pelo Tribunal de Contas da União mostraram que o governo está pagando um preço mais alto do que a mediana do mercado. A teoria tradicional trata as empresas reguladas como se elas atendessem exclusivamente ao órgão regulador. Na realidade, as empresas geralmente operam no mercado. Essas operações de mercado podem fornecer informações para o regulador. Este estudo examina como o órgão regulador pode usar as informações de mercado para economizar rendas informacionais e reduzir as distorções alocativas. Partindo do pressuposto de que os custos não são observados pelo governo, seguimos a estrutura teórica implementada por Baron e Myerson, que analisam contratos com base no paradigma principal-agente. A inovação na literatura regulatória é que o trabalho utiliza as próprias informações da firma no mercado para revelar seu tipo. Usando um modelo com uma firma monopolista e outro com duas firmas em um mercado oligopolista, obtêm-se resultados interessantes: quando o governo observa o que a empresa faz no mercado privado e condiciona seu comportamento a isso, a regulação ótima exige a quantidade do first-best para a empresa eficiente e menos distorção para o contrato da empresa ineficiente. Além disso, o uso dessas informações permite economia fiscal.engUniversidade Federal de PernambucoPrograma de Pos Graduacao em EconomiaUFPEBrasilAttribution-NonCommercial-NoDerivs 3.0 Brazilhttp://creativecommons.org/licenses/by-nc-nd/3.0/br/info:eu-repo/semantics/openAccessPROUNI (Programa: Brasil)Instituições de Ensino SuperiorFinanças públicasRegulating with market informationinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/doctoralThesisdoutoradoreponame:Repositório Institucional da UFPEinstname:Universidade Federal de Pernambuco (UFPE)instacron:UFPEORIGINALTESE Francisco Javier Contreras Bustos.pdfTESE Francisco Javier Contreras Bustos.pdfapplication/pdf573577https://repositorio.ufpe.br/bitstream/123456789/55527/1/TESE%20Francisco%20Javier%20Contreras%20Bustos.pdf9244533e73bc9910c2407cd1084450d2MD51CC-LICENSElicense_rdflicense_rdfapplication/rdf+xml; charset=utf-8811https://repositorio.ufpe.br/bitstream/123456789/55527/2/license_rdfe39d27027a6cc9cb039ad269a5db8e34MD52LICENSElicense.txtlicense.txttext/plain; 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dc.title.pt_BR.fl_str_mv |
Regulating with market information |
title |
Regulating with market information |
spellingShingle |
Regulating with market information BUSTOS, Francisco Javier Contreras PROUNI (Programa: Brasil) Instituições de Ensino Superior Finanças públicas |
title_short |
Regulating with market information |
title_full |
Regulating with market information |
title_fullStr |
Regulating with market information |
title_full_unstemmed |
Regulating with market information |
title_sort |
Regulating with market information |
author |
BUSTOS, Francisco Javier Contreras |
author_facet |
BUSTOS, Francisco Javier Contreras |
author_role |
author |
dc.contributor.authorLattes.pt_BR.fl_str_mv |
http://lattes.cnpq.br/3822455705605633 |
dc.contributor.advisorLattes.pt_BR.fl_str_mv |
http://lattes.cnpq.br/1422520414482292 |
dc.contributor.author.fl_str_mv |
BUSTOS, Francisco Javier Contreras |
dc.contributor.advisor1.fl_str_mv |
LIMA, Rafael Coutinho Costa |
contributor_str_mv |
LIMA, Rafael Coutinho Costa |
dc.subject.por.fl_str_mv |
PROUNI (Programa: Brasil) Instituições de Ensino Superior Finanças públicas |
topic |
PROUNI (Programa: Brasil) Instituições de Ensino Superior Finanças públicas |
description |
Governments often provide goods and services by hiring private firms that are already operating in the market. This is the case of the Programa Universidade para Todos(PROUNI), created in 2004 to provide scholarships to low-income students by private institutions of higher education. In exchange, the private institutions participating in the program benefit from tax exemptions. Studies have shown a positive impact of PROUNI on variables such as accessibility, permanence and academic performance. However, studies conducted by the Federal Court of Auditors have demonstrated that the government is paying a higher price than the market median. Traditional theory treats regulated firms as if they exclusively serve the regulator. In reality, firms usually operate in the market. These market operations can provide information for the regulator. This study examines how the regulator can use market information to save information rents and reduce allocative distortions. Assuming that costs are not observed by the government, we follow the theoretical framework implemented by Baron and Myerson, who analyze contracts based on the principal-agent paradigm. The innovation to the regulatory literature is that it uses the firm’s own information in the market to reveal its type. Using a model with one monopolistic firm and another with two firms in an oligopolistic market, interesting results are obtained: when the government observes what the firm does in the private market and conditions its behavior on it, optimal regulation requires the quantity of the first-best for the efficient firm and less distortion for the inefficient firm’s contract. In addition, the use of this information allows for fiscal savings. |
publishDate |
2023 |
dc.date.issued.fl_str_mv |
2023-08-31 |
dc.date.accessioned.fl_str_mv |
2024-03-20T19:32:26Z |
dc.date.available.fl_str_mv |
2024-03-20T19:32:26Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/doctoralThesis |
format |
doctoralThesis |
status_str |
publishedVersion |
dc.identifier.citation.fl_str_mv |
CONTRERAS BUSTOS, Francisco Javier. Regulating with market information. 2023. Tese (Doutorado em Economia) – Universidade Federal de Pernambuco, Recife, 2023. |
dc.identifier.uri.fl_str_mv |
https://repositorio.ufpe.br/handle/123456789/55527 |
identifier_str_mv |
CONTRERAS BUSTOS, Francisco Javier. Regulating with market information. 2023. Tese (Doutorado em Economia) – Universidade Federal de Pernambuco, Recife, 2023. |
url |
https://repositorio.ufpe.br/handle/123456789/55527 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.rights.driver.fl_str_mv |
Attribution-NonCommercial-NoDerivs 3.0 Brazil http://creativecommons.org/licenses/by-nc-nd/3.0/br/ info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Attribution-NonCommercial-NoDerivs 3.0 Brazil http://creativecommons.org/licenses/by-nc-nd/3.0/br/ |
eu_rights_str_mv |
openAccess |
dc.publisher.none.fl_str_mv |
Universidade Federal de Pernambuco |
dc.publisher.program.fl_str_mv |
Programa de Pos Graduacao em Economia |
dc.publisher.initials.fl_str_mv |
UFPE |
dc.publisher.country.fl_str_mv |
Brasil |
publisher.none.fl_str_mv |
Universidade Federal de Pernambuco |
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