Three essays on the economics of workers enterprises
Başlık çevirisi mevcut değil.
- Tez No: 36269
- Danışmanlar: PROF.DR. MURAT R. SERTEL
- Tez Türü: Yüksek Lisans
- Konular: Ekonomi, Economics
- Anahtar Kelimeler: Belirtilmemiş.
- Yıl: 1994
- Dil: İngilizce
- Üniversite: Boğaziçi Üniversitesi
- Enstitü: Sosyal Bilimler Enstitüsü
- Ana Bilim Dalı: Belirtilmemiş.
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: 52
Özet
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Özet (Çeviri)
THREE ESSAYS ON THE ECONOMICS OF WORKERS' ENTERPRISES Abstract This dissertation consists of three essays on the economics of Workers' Enterprises. The first study is a survey of the theoretical literature of WEs. Labor-managed firms (LMFs) seen in literature emanating from Ward[1958] and continuing with the contributions by Domar [1966], Vanek [1970] and Meade [1972,1974] suffer from maldesign of their property rights structure resulting in perversities and underinvestment problems. A workers' enterprise(WE), introduced by Sertel [1982,1987,1990,1991, 1992], is a firm whose workers coincide with its partners. Introducing a competitive deed market for tradable membership, Sertel argues that the perverse LMF is“tamed”into an efficient WE. The market behaviour of a WE in perfectly and imperfectly output markets is identical to that of its profit-maximizing twin. Facing imperfect labor market, both sequentially discriminatory WE and sequentially non-discriminatory WE employ more labor than a non-discriminatory profit-maximizing monopsony. As important extensions of the original Sertel work, Chiarella [1989] proves the dynamic reaction of the WE feeing an increase in the price of output is definitely non-perverse and Steinherr and Sertel [1984] proves that, under information rich setting, WEs achieve efficiency in investing in capital goods. The second study introduces a new version of WEs in which, facing business-cycles, the incumbent worker-partners decide to hire workers without giving vithem partnership rights. Through a single-period analysis, the new version of WE is proved to employ exactly the same amount of labor (worker-partners and hired workers) as the original WE [Sertel 1982,1987,1990,1991,1992] when it feces business-cycles. Facing imperfect competition in the labor market, the new version of WE adopts the same maximizing function as the original sequentially non-discriminatory WE (NDWE). (Fehr and Sertel, 1992). The third study presents a multi-period analysis of the employment and share-pricing behaviors of tile WE whose membership body is a mixture of workers with remaining working live of different length and at whose worker partnership market shares of different maturity are traded. The income stream of the members of the WE and the outside workers are analysed at both contractionary and expansionary periods. The price of the shares is set so that the per-member income, including earnings from production as well as the revenue from selling new shares - is maximized. Through such pricing, the WE is proved to be non-perverse. It is also shown that, under the same set of assumptions, the incumbents of the WE are indifferent between admitting new worker-partners and hiring wage labor without giving them partnership rights. vu
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