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The Empirical Performance of Orthodox Models of the Firm: Conventional Firms and Worker Cooperatives

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  • Pencavel, John
  • Craig, Ben

Abstract

Though it is routinely posited that organizations with different property rights will not exhibit the same responses to changes in their economic environment, compelling evidence of such behavior is difficult to find. The authors collected observations on two types of firms--conventional proprietorships and worker-owned cooperatives--operating in the same industry, in the same location, and at the same period of time. They compare the firms' reactions to changes in their input and output prices and ask whether their reactions are consistent with orthodox models of profit and dividend maximization. Copyright 1994 by University of Chicago Press.

Suggested Citation

  • Pencavel, John & Craig, Ben, 1994. "The Empirical Performance of Orthodox Models of the Firm: Conventional Firms and Worker Cooperatives," Journal of Political Economy, University of Chicago Press, vol. 102(4), pages 718-744, August.
  • Handle: RePEc:ucp:jpolec:v:102:y:1994:i:4:p:718-44
    DOI: 10.1086/261952
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    References listed on IDEAS

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    1. Craig, Ben & Pencavel, John, 1992. "The Behavior of Worker Cooperatives: The Plywood Companies of the Pacific Northwest," American Economic Review, American Economic Association, vol. 82(5), pages 1083-1105, December.
    2. White, Halbert, 1980. "Using Least Squares to Approximate Unknown Regression Functions," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 21(1), pages 149-170, February.
    3. Berman, Katrina V. & Berman, Matthew D., 1989. "An empirical test of the theory of the labor-managed firm," Journal of Comparative Economics, Elsevier, vol. 13(2), pages 281-300, June.
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