Pre-commitment vs. flexibility: Uncertainty and distribution reform in P.R. China |
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| Institution: | 1. Department of Oncology, University of Oxford, Oxford, UK;2. Radiation Oncology, Azienda Ospedaliero Universitaria Pisana, Pisa, Italy;3. Nuffield Department of Surgical Sciences, University of Oxford, Oxford, UK;4. Anatomic Pathology Unit, IRCCS Humanitas University Research Hospital, Milan, Italy;5. Department of Neurosurgery, Azienda Ospedaliero Universitaria Pisana (AOUP), Pisa, Italy;6. Istituto Oncologico Veneto-IRCCS, Padua, Italy;7. Division of Neuro-Oncology, Department of Neuroscience, University and City of Health and Science University Hospital, Turin, Italy;8. Fondazione Pisana per la Scienza, Pisa, Italy;9. Neurosurgery Unit, Head-Neck and NeuroScience Department University Hospital of Udine, p.le S. Maria della Misericordia 15, 33100 Udine, Italy;10. Unit of Neurosurgery, Department of Biomorphology and Dental Sciences and Morfophunctional Imaging, University Hospital “G. Martino”, Messina, Italy;11. Department of Clinical and Experimental Medicine, University of Pisa, I-56126 Pisa, Italy;12. Department of Oncology, Oncology 1, Veneto Institute of Oncology IOV-IRCCS, 35128 Padua, Italy;13. Department of Computing Sciences, Bocconi University, Milan, Italy;14. Institute for Data Science and Analytics, Bocconi University, Milano, Italy;1. Utrecht University – Human Geography and Spatial Planning, Princetonlaan 8a, 3584 CB Utrecht, The Netherlands;2. Land and Real Estate Development - Human Geography and Spatial Planning, Princetonlaan 8a, 3584 CB Utrecht, The Netherlands;1. H. Milton Stewart School of Industrial and Systems Engineering, Georgia Institute of Technology, Atlanta, GA, 30332, USA;2. The Boeing Company, El Segundo, CA, 90245, USA;1. Department of City and Regional Planning The University of North Carolina at Chapel Hill, Campus Box 3140, Room 317, Chapel Hill, NC 27599-3140, USA;2. Instituto de Desarrollo Urbano, Bogotá, Colombia;1. State Key Laboratory of Geomechanics and Geotechnical Engineering, Institute of Rock and Soil Mechanics, Chinese Academy of Sciences, Wuhan 430071, Hubei, China;2. West-to-East Gas Pipeline Company Gas Storage Project Department, PetroChina Company Limited, Changzhou 213200, Jiangsu, China;3. Mackay School of Earth Sciences and Engineering, University of Nevada, Reno 89557, Nevada, USA |
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| Abstract: | Chinese economic reform is remarkably different from the East European reforms in which the Chinese model emphasizes competition over privatization. This paper explains why Chinese distribution reform is successful although the Chinese government has made no attempt in privatizing her inefficient state-owned enterprises. By extending Coughlan's (1985) price competition model to endogenize the pre-commitment versus flexibility decision, it is shown that reducing uncertainty can encourage enterprises to pre-commit their investment which allows further development of the retail sectors. This result supports the gradual pace of distribution reform policy of China. By contrast, the “revolutionary” East European model inevitably creates high uncertainty in the society and enterprises are unwilling to pre-commit their investment. |
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