The effect of production uncertainty on the labor-managed firm |
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Authors: | Gabriel A Hawawini Pierre A Michel |
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Institution: | INSEAD, 77305 Fontainebleau, France;University of Liège, Liège, Belgium |
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Abstract: | The effects of production uncertainty on the behavior of the labor-managed, cooperative firm are examined and it is shown that they generally differ from the case of certainty and the case of the entrepreneurial, profit-maximizing firm. In particular, it is shown that the risk-averse (risk-seeking) cooperative will have a larger (smaller) ratio of labor to nonlabor input employed in production than the risk-neutral cooperative. |
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