摘要：The objective of this paper is to identify the competitive advantages (and disadvantages) of new generation cooperatives (NGCs) compared to traditional cooperatives (TCs) and to assess if any of the NGCs’ institutions might be beneficial in the Europeans food system. My analysis concludes that NGCs ensure that the cooperative’s resources are allocated efficiently only under certain conditions that are more restrictive than those for investor-own firms (IOFs) but less restrictive than those for TCs. Despite this result, farmers may still prefer to form a potentially less efficient TC because NGCs’ institutions reduce their own managerial flexibility. The trade-off between more efficient institutions and higher managerial flexibility helps to explain why European farmers may be less inclined to adopt the NGCs’ institutions than their U.S. counterparts. Given the smaller scale of operations and the less developed risk-management safety net, managerial flexibility is expected to be more valuable for European farmers.
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