摘要：We consider how to organize the processing and marketing of an agricultural product when farming costs are known only by the individual farmers. We show that when marginal costs are un-correlated and the market for final goods is competitive, the socially optimal production levels may be sustained by a cooperative and a cooperative only. We show also that the cooperative form is particularly useful when the uncertainty is large and the net revenue product is small.
关键词：economics of cooperatives;asymmetric information;incentives
