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nction albeit at a sub-optimal level (compared to a theoretical perfect market). – therefore existence of info asymmetry a necessary but not sufficient condition to justify government delivery of a service – need better measures of full cost of government provision versus market provision – hence push for full accrual budgeting and accounting. Externalities sufficient condition for government funding but not necessarily government provision – pricing

 

Agent-providers need autonomy over capital investment decisions; contingency in budget allocations such that purchaser-principals have some discretion to manage public expenditures across the business cycle; competition where implemented needs to cover full cost of service provision (VET tuition costs only) to ensure viability of providers.

 

Public agencies don’t allocate resources

 

Many of the shortcomings of p-a – falling short of expectations can be attributed to limitations in the way p-p models have been implemented - trade-off between accountability and efficiency. Limited by convention – and unlikely to change since central agencies keen to hold on to control

 

Partly to do with bureaucratic

 

This paper identified

 

Agency theory in itself is an internally incomplete theory

 

Five variations requiring further elaboration: many principals, many agents or the existence of a third party; heterogeneity in the parties; team production; long-term relationships; and oscillating, reflexive relationships where it is difficult to designate who is the principal and who is agent (Althaus p.144)

 

Relationship blurred – between members of parliament and their constituents.

 

Benefits – forces consideration of issues such as information, power and asymmetry, self-interest and incentives, risk and uncertainty

 

Assumes principals know what actions or outcomes they want – not necessarily true in political life

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