firm's inefficiency is sufficiently small, no imposition of budget constraint is more likely to improve welfare and vice … smaller or larger than those of private firm depending upon the degree of inefficiency, which draws contrast to the finding of … preferences with regard to the imposition of budget constraint depending upon both the degree of inefficiency and imperfect …

substitutes or complements, if the degree of public firm's inefficiency is sufficiently small, there exists a dominant strategy … private firm that chooses Bertrand competition if the degree of inefficiency is sufficiently large. Consequently, we show that … public firm's inefficiency is sufficiently small; and (ii) if the degree of its inefficiency is sufficiently large, social …

public firm's inefficiency when the goods are substitutes. (ii) regardless of its inefficiency, there can be always sustained … contract stage by each critical value of the public firm's inefficiency. In particular, Cournot and Bertrand competition … coexist if its inefficiency is sufficiently small or large. …