Agents Monitoring Their Manager: A Hard‐Times Theory of Producer Cooperation
Author
Abstract
Suggested Citation
DOI: 10.1111/jems.12083
Download full text from publisher
References listed on IDEAS
- Jensen, Michael C & Meckling, William H, 1979. "Rights and Production Functions: An Application to Labor-managed Firms and Codetermination," The Journal of Business, University of Chicago Press, vol. 52(4), pages 469-506, October.
- Richard J. Sexton & Terri A. Sexton, 1987. "Cooperatives as Entrants," RAND Journal of Economics, The RAND Corporation, vol. 18(4), pages 581-595, Winter.
- Jonathan Levin & Steven Tadelis, 2005.
"Profit Sharing and the Role of Professional Partnerships,"
The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 120(1), pages 131-171.
- Steven Tadelis & Jonathan Levin, 2004. "Profit Sharing and the Role of Professional Partnerships," 2004 Meeting Papers 156, Society for Economic Dynamics.
- Itoh, Hideshi, 1994. "Job design, delegation and cooperation: A principal-agent analysis," European Economic Review, Elsevier, vol. 38(3-4), pages 691-700, April.
- Bengt Holmstrom & Jean Tirole, 1997.
"Financial Intermediation, Loanable Funds, and The Real Sector,"
The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 112(3), pages 663-691.
- Bengt Holmstrom & Jean Tirole, 1994. "Financial Intermediation, Loanable Funds and the Real Sector," Working papers 95-1, Massachusetts Institute of Technology (MIT), Department of Economics.
- Holmström, Bengt & Tirole, Jean, 1994. "Financial Intermediation, Loanable Funds and the Real Sector," IDEI Working Papers 40, Institut d'Économie Industrielle (IDEI), Toulouse.
- Spulber,Daniel F., 2009.
"The Theory of the Firm,"
Cambridge Books,
Cambridge University Press, number 9780521736602.
- Spulber,Daniel F., 2009. "The Theory of the Firm," Cambridge Books, Cambridge University Press, number 9780521517386, September.
- Besanko, David & Kanatas, George, 1993. "Credit Market Equilibrium with Bank Monitoring and Moral Hazard," The Review of Financial Studies, Society for Financial Studies, vol. 6(1), pages 213-232.
- Oscar N. Refsell, 1914. "The Farmers' Elevator Movement: II," Journal of Political Economy, University of Chicago Press, vol. 22(10), pages 969-969.
- Bontems, Philippe & Fulton, Murray, 2009. "Organizational structure, redistribution and the endogeneity of cost: Cooperatives, investor-owned firms and the cost of procurement," Journal of Economic Behavior & Organization, Elsevier, vol. 72(1), pages 322-343, October.
- Innes, Robert D., 1990. "Limited liability and incentive contracting with ex-ante action choices," Journal of Economic Theory, Elsevier, vol. 52(1), pages 45-67, October.
- Holmstrom, Bengt & Milgrom, Paul, 1991. "Multitask Principal-Agent Analyses: Incentive Contracts, Asset Ownership, and Job Design," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 7(0), pages 24-52, Special I.
- Porter, Philip K & Scully, Gerald W, 1987. "Economic Efficiency in Cooperatives," Journal of Law and Economics, University of Chicago Press, vol. 30(2), pages 489-512, October.
- Hart, Oliver & Moore, John, 1998.
"Cooperatives vs. outside ownership,"
LSE Research Online Documents on Economics
19360, London School of Economics and Political Science, LSE Library.
- Oliver Hart & John Moore, 1998. "Cooperatives vs. Outside Ownership," Edinburgh School of Economics Discussion Paper Series 114, Edinburgh School of Economics, University of Edinburgh.
- Oliver Hart & John Moore, 1998. "Cooperatives vs. Outside Ownership," STICERD - Theoretical Economics Paper Series 346, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE.
- Oliver Hart & John Moore, 1998. "Cooperatives vs. Outside Ownership," Harvard Institute of Economic Research Working Papers 1816, Harvard - Institute of Economic Research.
- Oliver Hart & John Moore, 1998. "Cooperatives vs. Outside Ownership," NBER Working Papers 6421, National Bureau of Economic Research, Inc.
- Laux, Christian, 2001. "Limited-Liability and Incentive Contracting with Multiple Projects," RAND Journal of Economics, The RAND Corporation, vol. 32(3), pages 514-526, Autumn.
- Ben-Ner, Avner & Jun, Byoung, 1996. "Employee Buyout in a Bargaining Game with Asymmetric Information," American Economic Review, American Economic Association, vol. 86(3), pages 502-523, June.
- Abhijit V. Banerjee & Timothy Besley & Timothy W. Guinnane, 1994.
"Thy Neighbor's Keeper: The Design of a Credit Cooperative with Theory and a Test,"
The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 109(2), pages 491-515.
- Guinnane, T. & Banerjee, A. & Besley, T., 1993. "Thy Neighbor's Keeper: the Design of a Credit Cooperative with Theory and a Test," Papers 705, Yale - Economic Growth Center.
- Steven J. Holland & Robert P. King, 2004. "Trading Mechanisms for New-Generation Cooperative Stock: The Architecture of Organizational Formation and Demise," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 86(5), pages 1262-1268.
- Dow,Gregory K., 2003.
"Governing the Firm,"
Cambridge Books,
Cambridge University Press, number 9780521818537.
- Dow,Gregory K., 2003. "Governing the Firm," Cambridge Books, Cambridge University Press, number 9780521522212, September.
- Richard J. Sexton, 1984. "Perspectives on the Development of the Economic Theory of Co-operatives," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 32(2), pages 423-436, July.
- Guido W. Imbens, 2004.
"Nonparametric Estimation of Average Treatment Effects Under Exogeneity: A Review,"
The Review of Economics and Statistics, MIT Press, vol. 86(1), pages 4-29, February.
- Guido W. Imbens, 2003. "Nonparametric Estimation of Average Treatment Effects under Exogeneity: A Review," NBER Technical Working Papers 0294, National Bureau of Economic Research, Inc.
- Dow, Gregory K. & Putterman, Louis, 2000. "Why capital suppliers (usually) hire workers: what we know and what we need to know," Journal of Economic Behavior & Organization, Elsevier, vol. 43(3), pages 319-336, November.
- Gregory Dow, 2001.
"Allocating Control over Firms: Stock Markets versus Membership Markets,"
Review of Industrial Organization, Springer;The Industrial Organization Society, vol. 18(2), pages 201-218, March.
- Gregory K. Dow, 2000. "Allocating Control Over Firms: Stock Markets Versus Membership Markets," Discussion Papers dp00-03, Department of Economics, Simon Fraser University, revised Feb 2000.
- Brent Hueth & Philippe Marcoul, 2009. "Incentive Pay for CEOs in Cooperative Firms," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 91(5), pages 1218-1223.
- Smith, Donald J, 1984. "A Theoretic Framework for the Analysis of Credit Union Decision Making," Journal of Finance, American Finance Association, vol. 39(4), pages 1155-1168, September.
- Bonin, John P & Jones, Derek C & Putterman, Louis, 1993. "Theoretical and Empirical Studies of Producer Cooperatives: Will Ever the Twain Meet?," Journal of Economic Literature, American Economic Association, vol. 31(3), pages 1290-1320, September.
- Rey, Patrick & Tirole, Jean, 2007.
"Financing and access in cooperatives,"
International Journal of Industrial Organization, Elsevier, vol. 25(5), pages 1061-1088, October.
- Rey, Patrick & Tirole, Jean, 2007. "Financing and Access in Cooperatives," IDEI Working Papers 404, Institut d'Économie Industrielle (IDEI), Toulouse.
- Hueth, Brent & Marcoul, Philippe, 2007.
"The Cooperative Firm as Monitored Credit,"
Staff Paper Series
508, University of Wisconsin, Agricultural and Applied Economics.
- Hueth, Brent & Marcoul, Philippe, 2007. "The Cooperative Firm as Monitored Credit," Staff Papers 92122, University of Wisconsin-Madison, Department of Agricultural and Applied Economics.
- Fabio R. Chaddad & Michael L. Cook, 2004. "Understanding New Cooperative Models: An Ownership–Control Rights Typology," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 26(3), pages 348-360.
- Hueth, Brent & Marcoul, Philippe & Ginder, Roger G., 2009. "The Producer Cooperative as Monitored Credit? The Case of West Liberty Foods," Journal of Cooperatives, NCERA-210, vol. 23, pages 1-16.
- Fabio R. Chaddad & Michael L. Cook, 2004. "Understanding New Cooperative Models: An Ownership–Control Rights Typology," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 26(3), pages 348-360.
- Richard J. Sexton, 1990. "Imperfect Competition in Agricultural Markets and the Role of Cooperatives: A Spatial Analysis," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 72(3), pages 709-720.
- Oscar N. Refsell, 1914. "The Farmers' Elevator Movement," Journal of Political Economy, University of Chicago Press, vol. 22(9), pages 872-872.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Filippo Belloc, 2019. "Why Isn't Uber Worker-Managed? A Model of Digital Platform Cooperatives," CESifo Working Paper Series 7708, CESifo.
- Ahmet Candemir & Sabine Duvaleix & Laure Latruffe, 2021.
"Agricultural Cooperatives And Farm Sustainability – A Literature Review,"
Journal of Economic Surveys, Wiley Blackwell, vol. 35(4), pages 1118-1144, September.
- Ahmet Candemir & Sabine Duvaleix & Laure Latruffe, 2021. "Agricultural cooperatives and farm sustainability – A literature review," Post-Print hal-03133010, HAL.
- Elisabeta ROȘU & Monica Mihaela TUDOR, 2022. "Evolution And Structure Of Agricultural Cooperatives In Romania," Agricultural Economics and Rural Development, Institute of Agricultural Economics, vol. 19(1), pages 141-151.
- Murray E. Fulton & Konstantinos Giannakas, 2020. "Corruption in agricultural processing firms: A comparison of cooperatives and investor‐owned firms," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 68(4), pages 445-460, December.
- Hueth, Brent M. & Hutchins, Jared, 2018. "Production Credit Associations and Agricultural Productivity Change in the United States, 1920-1940," 2018 Annual Meeting, August 5-7, Washington, D.C. 274384, Agricultural and Applied Economics Association.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Hueth, Brent & Marcoul, Philippe, 2007.
"The Cooperative Firm as Monitored Credit,"
Staff Paper Series
508, University of Wisconsin, Agricultural and Applied Economics.
- Hueth, Brent & Marcoul, Philippe, 2007. "The Cooperative Firm as Monitored Credit," Staff Papers 92122, University of Wisconsin-Madison, Department of Agricultural and Applied Economics.
- Dow,Gregory K., 2019.
"The Labor-Managed Firm,"
Cambridge Books,
Cambridge University Press, number 9781107589650.
- Dow,Gregory K., 2018. "The Labor-Managed Firm," Cambridge Books, Cambridge University Press, number 9781107132979, September.
- Brent Hueth & Philippe Marcoul & Roger G. Ginder, 2004.
"Cooperative Formation and Financial Contracting in Agricultural Markets,"
Center for Agricultural and Rural Development (CARD) Publications
03-wp349, Center for Agricultural and Rural Development (CARD) at Iowa State University.
- Hueth, Brent & Marcoul, Philippe & Ginder, Roger G., 2005. "Cooperative Formation And Financial Contracting In Agricultural Markets," 2005 Annual meeting, July 24-27, Providence, RI 19324, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
- Malvido Perez Carletti Agustina & Hanisch Markus & Rommel Jens & Fulton Murray, 2018. "Farm Gate Prices for Non-Varietal Wine in Argentina: A Multilevel Comparison of the Prices Paid by Cooperatives and Investor-Oriented Firms," Journal of Agricultural & Food Industrial Organization, De Gruyter, vol. 16(1), pages 1-14, January.
- George Hendrikse & Li Feng, 2013. "Interfirm cooperatives," Chapters, in: Anna Grandori (ed.), Handbook of Economic Organization, chapter 26, Edward Elgar Publishing.
- Balmaceda, Felipe & Balseiro, Santiago R. & Correa, José R. & Stier-Moses, Nicolás E., 2016. "Bounds on the welfare loss from moral hazard with limited liability," Games and Economic Behavior, Elsevier, vol. 95(C), pages 137-155.
- Xiaoyan Qian & Tava Lennon Olsen, 2020. "Operational and Financial Decisions Within Proportional Investment Cooperatives," Manufacturing & Service Operations Management, INFORMS, vol. 22(3), pages 545-561, May.
- Gregory K. DOW, 2018. "The Theory Of The Labor-Managed Firm: Past, Present, And Future," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 89(1), pages 65-86, March.
- Jasper GRASHUIS & Michael COOK, 2018. "An Examination Of New Generation Cooperatives In The Upper Midwest: Successes, Failures, And Limitations," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 89(4), pages 623-644, December.
- Burdín, Gabriel & Dean, Andrés, 2009. "New evidence on wages and employment in worker cooperatives compared with capitalist firms," Journal of Comparative Economics, Elsevier, vol. 37(4), pages 517-533, December.
- Patrick W. Schmitz, 2005.
"Allocating Control in Agency Problems with Limited Liability and Sequential Hidden Actions,"
RAND Journal of Economics, The RAND Corporation, vol. 36(2), pages 318-336, Summer.
- Schmitz, Patrick W., 2005. "Allocating control in agency problems with limited liability and sequential hidden actions," Bonn Econ Discussion Papers 27/2005, University of Bonn, Bonn Graduate School of Economics (BGSE).
- Schmitz, Patrick W., 2005. "Allocating Control in Agency Problems with Limited Liability and Sequential Hidden Actions," CEPR Discussion Papers 5145, C.E.P.R. Discussion Papers.
- Patrick HERBST & Jens PRUFER, 2016.
"Firms, Nonprofits, And Cooperatives: A Theory Of Organizational Choice,"
Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 87(3), pages 315-343, December.
- Herbst, P. & Prüfer, J., 2007. "Firms, Nonprofits, and Cooperatives : A Theory of Organizational Choice," Discussion Paper 2007-003, Tilburg University, Tilburg Law and Economic Center.
- Herbst, P. & Prüfer, J., 2007. "Firms, Nonprofits, and Cooperatives : A Theory of Organizational Choice," Other publications TiSEM cc96ab25-4a8b-4caa-9ea2-7, Tilburg University, School of Economics and Management.
- Herbst, P. & Prüfer, J., 2007. "Firms, Nonprofits, and Cooperatives : A Theory of Organizational Choice," Other publications TiSEM 6dc12dfd-71a3-45e5-af61-f, Tilburg University, School of Economics and Management.
- Herbst, P. & Prüfer, J., 2007. "Firms, Nonprofits, and Cooperatives : A Theory of Organizational Choice," Discussion Paper 2007-7, Tilburg University, Center for Economic Research.
- Conning, Jonathan & Udry, Christopher, 2007.
"Rural Financial Markets in Developing Countries,"
Handbook of Agricultural Economics, in: Robert Evenson & Prabhu Pingali (ed.), Handbook of Agricultural Economics, edition 1, volume 3, chapter 56, pages 2857-2908,
Elsevier.
- Jonathan Conning & Christopher Udry, 2005. "Rural Financial Markets in Developing Countries," Working Papers 914, Economic Growth Center, Yale University.
- Conning, Jonathan & Udry, Christopher R., 2005. "Rural Financial Markets in Developing Countries," Center Discussion Papers 28458, Yale University, Economic Growth Center.
- Chong-En Bai & Chenggang Xu, 2001.
"Ownership, Incentives and Monitoring,"
STICERD - Theoretical Economics Paper Series
413, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE.
- Bai, Chong-En & Xu, Cheng-Gang, 2001. "Ownership, incentives and monitoring," LSE Research Online Documents on Economics 3750, London School of Economics and Political Science, LSE Library.
- Guillermo Alves & Gabriel Burdin & Paula Carrasco & Andrés Dean & Andrés Rius, 2012. "Empleo, remuneraciones e inversión en cooperativas de trabajadores y empresas convencionales: nueva evidencia para Uruguay," Documentos de Trabajo (working papers) 12-14, Instituto de EconomÃa - IECON.
- Michael Kopel & Marco Marini, 2014.
"Strategic delegation in consumer cooperatives under mixed oligopoly,"
Journal of Economics, Springer, vol. 113(3), pages 275-296, November.
- Michael Kopel & Marco Marini, 2013. "Strategic Delegation In Consumer Cooperatives Under Mixed Oligopoly," Working Papers 1306, University of Urbino Carlo Bo, Department of Economics, Society & Politics - Scientific Committee - L. Stefanini & G. Travaglini, revised 2013.
- Gabriel BurdÃn, 2014. "Are Worker-Managed Firms More Likely to Fail Than Conventional Enterprises? Evidence from Uruguay," ILR Review, Cornell University, ILR School, vol. 67(1), pages 202-238, January.
- Gregory Dow, 2001.
"Allocating Control over Firms: Stock Markets versus Membership Markets,"
Review of Industrial Organization, Springer;The Industrial Organization Society, vol. 18(2), pages 201-218, March.
- Gregory K. Dow, 2000. "Allocating Control Over Firms: Stock Markets Versus Membership Markets," Discussion Papers dp00-03, Department of Economics, Simon Fraser University, revised Feb 2000.
- Tymofiy Mylovanov & Patrick Schmitz, 2008.
"Task scheduling and moral hazard,"
Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 37(2), pages 307-320, November.
- Schmitz, Patrick W. & Mylovanov, Tymofiy, 2007. "Task Scheduling and Moral Hazard," CEPR Discussion Papers 6467, C.E.P.R. Discussion Papers.
- Philippe Marcoul & Luc Veyssiere, 2010.
"A Financial Contracting Approach to the Role of Supermarkets in Farmers' Credit Access,"
American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 92(4), pages 1051-1064.
- Marcoul, Philippe & Veyssiere, Luc, 2008. "A Financial Contracting Approach to the Role of Supermarkets in Farmers' Credit Access," 2008 Annual Meeting, July 27-29, 2008, Orlando, Florida 6366, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
Corrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:jemstr:v:24:y:2015:i:1:p:92-109. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: http://www.kellogg.northwestern.edu/research/journals/JEMS/ .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.