A New Institutional Economics Approach to Contracts and Cooperatives

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A New Institutional Economics Approach to Contracts and Cooperatives

Please use this identifier to cite or link to this item: http://hdl.handle.net/10355/194

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Title: A New Institutional Economics Approach to Contracts and Cooperatives
Author: Sykuta, Michael E.; Cook, Michael L. (Michael Lee), 1943-
Keywords: contracting
cooperatives
organizational structure
new institutional economics
Date: 2001-09
Publisher: University of Missouri - Columbia
Citation: Contracting and Organizations Research Institute (CORI), Working Paper No. 2001-04, September 2001.
Abstract: Our purpose in this paper is to highlight the role of organizational structure and incentives in the design of contracts between buyers and sellers of agricultural products. In particular, we consider how differences between investor-owned (IOF) and producer-oriented (POF) firms, and differences between alternate types of POFs, may affect the types of contract terms those respective organizations are likely to prefer in their contracts with agricultural producers. New institutional economics theories of contracting, agency and property rights allocation suggest that cooperative contractors may be able to design contracts that enhance economic efficiency that IOFs cannot easily replicate.
URI: http://hdl.handle.net/10355/194

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