This article extends the standard theory of the producer cooperative firm to the case of production under condition of risk

The role of the cooperative credit banks in the European financial system is growing, particularly during the current period of financial crisis. Nevertheless, these cooperative banks have not received a great deal of attention from scholars. This lack of attention has resulted from two factors:...

The degeneration hypothesis in labor-managed firms (LMFs) was originally formalized by the seminal contributions of Ben-Ner (1984) and Miyazaki (1984). Within these models, LMFs are collectively owned by workers-members who can hire employees from the labor market. The pursuit of efficiency or...

In this work we present the results of a recent survey thar covered the whole universe of Worker Cooperatives in Uruguay. In order to be able to evaluate the comparative performance of Worker Cooperatives the survey covered also a control group of conventional firms with similar size and sector...

This paper investigates the relationship between workplace democracy and job flows (net job creations, gross job creations and destructions) by comparing the behavior of worker-managed firms (WMFs) and conventional firms. The empirical analysis relies on high frequency administrative firm-level...

This paper investigates the relationship between workplace democracy and job flows (net job creations, gross job creations and destructions) by comparing the behavior of worker-managed firms (WMFs) and conventional firms. The empirical analysis relies on high frequency administrative firm-level...

This paper provides new evidence on the objectives pursued by worker-managed firms (WMFs). The basic neoclassical model assumes that WMFs maximizes net income per member instead of total profits (Ward, 1958). Even though it has been largely criticized, the Ward model has dominated the...

The paper proposes a simple mechanism, also applicable to certain models of internal bargaining, that induces firms to eliminate practically all efficiency losses and to react normally to changes in exogeneous variables.

This paper suggests a holistic framework for analysis of agrarian contracts and investigates the contractual structure in transitional Bulgarian agriculture. Firstly, it incorporates the interdisciplinary New Institutional and Transaction Costs Economics (combining Economics, Organization, Law,...

Differences in wages, employment, and capital between worker-owned and capitalist enterprises are computed from a matched employer-worker panel data set from Italy, the market economy with the greatest incidence of worker-owned and worker-managed firms. These differences are related to orthodox...