▁institutions ▁matter . ▁A ▁leading ▁application ▁of ▁the ▁incomplete ▁contract ▁parad ig m ▁in ▁the ▁context ▁of ▁priv at ization ▁is ▁the ▁model ▁by ▁Hart , ▁Sh le ifer , ▁and ▁V ish ny ▁( 1 9 9 7 ). ▁In ▁their ▁model , ▁a ▁manager ▁can ▁make ▁invest ments ▁to ▁increase ▁quality ▁( but ▁they ▁may ▁also ▁increase ▁costs ) ▁and ▁invest ments ▁to ▁decrease ▁costs ▁( but ▁they ▁may ▁also ▁reduce ▁quality ). ▁It ▁turns ▁out ▁that ▁it ▁depends ▁on ▁the ▁particular ▁situation ▁whether ▁private ▁ownership ▁or ▁public ▁ownership ▁is ▁des irable . ▁The ▁Hart - Sh le ifer - V ish ny ▁model ▁has ▁been ▁further ▁developed ▁in ▁various ▁directions , ▁e . g . ▁to ▁allow ▁for ▁mixed ▁public - private ▁ownership ▁and ▁end ogen ous ▁assign ments ▁of ▁the ▁invest ment ▁tasks . ▁▁ ▁See ▁also ▁▁ ▁Corpor at ization ▁ ▁Equ it isation ▁ ▁Der eg ulation ▁ ▁Private ▁prison ▁ ▁Private ▁sector ▁development ▁ ▁Priv ately ▁owned ▁public ▁space ▁ ▁Priv at ization ▁by ▁country ▁ ▁Market ization ▁ ▁National ization ▁ ▁Struct ural ▁adjust ment ▁ ▁Com mod ification ▁▁ ▁Notes ▁▁▁ ▁References ▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁ ▁ ▁Un index ed ▁▁▁▁▁ ▁Clar ke , ▁Thomas ▁( ed .) ▁( 1 9 9 4 ) ▁" Intern ational ▁Priv at isation : ▁Str ateg ies ▁and ▁Pract ices " ▁Berlin ▁and ▁New ▁York : ▁Walter ▁de ▁Gru yter , ▁▁▁ ▁Clar ke , ▁Thomas ▁and ▁P itel is , ▁Christ os ▁( eds .) ▁( 1 9 9