Firms are only agents when some unlikely conditions are met: all members have the same beliefs about probabilities of events, all agents have utility functions in the same functional form, and the sharing rule gives all agents the same proportion of the proceeds regardless of the decision outcome. i didn’t understand everything in this paper so i might have mischaracterized the conditions somewhat, but the main point is they probably don’t obtain in real firms.
This sounds like it would be more likely to be true of a worker-owned co-op than other sorts of firm.
This sounds like it would be more likely to be true of a worker-owned co-op than other sorts of firm.