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ANNALS OF PUBLIC AND COOPERATIVE ECONOMICS
ANNALES DE L’ECONOMIE PUBLIQUE, SOCIALE ET COOPERATIVE
The objective of the Annals is the publication of high quality theoretical, empirical and experimental articles addressing academics and experts in such fields as: non-profit organizations, cooperatives, social enterprises, public enterprises, public-private enterprises, employee participation, public services provision and regulation, both in developed and developing countries.
The Annals was founded in 1908 by Edgard Milhaud (Geneva) who was Director until 1960. Paul Lambert (Liège) directed the Annals from 1960 until 1977 and Guy Quaden (Liège) from 1977 until 1990. From 1947 to 2017 it has been published by the International Centre of Research and Information on the Public, Social and Cooperative Economy (CIRIEC). It is currently published by its Foundation Edgard Milhaud. We gratefully acknowledge HEC Management School of the University of Liège for supporting the publication of the Annals.
La vocation des Annales est la publication d’articles de type théorique, empirique et expérimental de qualité s’adressant aux scientifiques et experts dans les domaines tels que : organisations sans but lucratif, coopératives, entreprises sociales, entreprises publiques, entreprises mixtes, participation des travailleurs, provision et régulation des services publics..., etc. à la fois dans les pays développés et en développement.Les Annales ont été fondées en 1908 par Edgard Milhaud (Genève); elles ont été dirigées par lui jusqu’en 1960, puis, de 1960 à 1977, par Paul Lambert (Liège) et, de 1977 à 1990 par Guy Quaden (Liège). Depuis 1947, elles sont éditées par le Centre international de recherches et d’information sur l’économie publique, sociale et coopérative (CIRIEC), depuis 2018 par l’intermédiaire de sa Fondation Edgard Milhaud. Les Annales ont l’honneur d’être publiées avec l’aide financière de HEC-Ecole de Gestion de l’Université de Liège.Editorial address/Adresse de la rédaction: CIRIEC, Université de Liège, Quartier Agora Place des Orateurs 1 – Bât. B33 – bte 6, BE-4000 Liège ([email protected])Director/Directeur: Bernard ThiryEditor in chief/Rédacteur en chef: Marco MariniEditorial Assistant/Assistante de rédaction: Christine DussartPublisher: Annals of Public and Cooperative Economics is published by John Wiley & Sons Ltd,9600 Garsington Road, Oxford OX4 2DQ, UK, and 350 Main Street, Malden, MA 02148, USA. Blackwell Publishing is now part of John Wiley & Sons. Blackwell’s programme has been merged with Wiley’s global Scientific, Technical, and Medical business to form Wiley Blackwell.Journal Customer Services: For ordering information, claims and any enquiry concerning your journal subscription please go to www.wileycustomerhelp.com/ask or contact your nearest office. Americas: Email: [email protected]; Tel: +1 781 388 8598 or +1 800 835 6770 (toll free in the USA & Canada). Europe, Middle East and Africa: Email: [email protected]; Tel: +44 (0) 1865 778315. Asia Pacific: Email: [email protected]; Tel: +65 6511 8000. Japan: For Japanese speaking support, Email: [email protected] Visit our Online Customer Help available in 7 languages at www.wileycustomerhelp.com/ask Production Editor: Vikram Dhal (email: [email protected])Disclaimer: The Publisher, CIRIEC and Editors cannot be held responsible for errors or any consequences arising from the use of information contained in this journal; the views and opinions expressed do not necessarily reflect those of the Publisher, CIRIEC and Editors, neither does the publication of advertisements constitute any endorsement by the Publisher, CIRIEC and Editors of the products advertised.Information for Subscribers: Annals of Public and Cooperative Economics is published in four issues per year in March, June, September and December. Institutional subscription prices for 2018 are: Print & Online: US$922 (US), US$1079 (Rest of World), €654 (Europe), £518 (UK). Prices are exclusive of tax. Asia-Pacific GST, Canadian GST/HST and European VAT will be applied at the appropriate rates. For more information on current tax rates, please go to HYPERLINK “http://www.wileyonlinelibrary.com/tax-vat” www.wileyonlinelibrary.com/tax-vat. The price includes online access to the current and all online back files to January 1st 2014, where available. For other pricing options, including access information and terms and conditions, please visit www.wileyonlinelibrary.com/accessDelivery Terms and Legal TitleWhere the subscription price includes print issues and delivery is to the recipient’s address, delivery terms are Delivered at Place (DAP); the recipient is responsible for paying any import duty or taxes. Title to all issues transfers FOB our shipping point, freight prepaid. We will endeavour to fulfil claims for missing or damaged copies within six months of publication, within our reasonable discretion and subject to availability.Back issues: Single issues from current and recent volumes are available at the current single issue price from [email protected]. Earlier issues may be obtained from Periodicals Service Company, 351 Fairview Avenue – Ste 300, Hudson, NY 12534, USA. Tel: +1 518 822 9300, Fax: +1 518 822 9305, Email: [email protected] ID Statement:Annals of Public and Cooperative Economics, (ISSN: 1370-4788), is published quarterly in March, June, September and December. US mailing agent: Mercury Media Processing, LLC, 1850 Elizabeth Avenue, Suite #C, Rahway, NJ 07065 USA. Periodical postage paid at Rahway, NJ. Postmaster: Send all address changes to Annals of Public and Cooperative Economics, John Wiley & Sons Inc., C/O The Sheridan Press, PO Box 465, Hanover, PA 17331 USA.Annals of Public and Cooperative Economics accepts articles for Open Access publication. Please visit http://olabout.wiley.com/WileyCDA/Section/id-828081.html for further information about OnlineOpen.
Guidelines for Submission to Annals of Public and Cooperative Economics
Annals of Public and Cooperative Economics has now adopted ScholarOne Manuscripts, for online manuscript submission and peer review. The new system brings with it a whole host of benefits including:
• Quick and easy submission• Administration centralised and reduced• Significant decrease in peer review timesFrom now on all submissions to the journal must be submitted online at http://mc.
manuscriptcentral.com/apce. Full instructions and support are available on the site and a user ID and password can be obtained on the first visit. If you require assistance then click the Get Help Now link which appears at the top right of every ScholarOne Manuscripts page. If you cannot submit online, please contact [email protected] in the Editorial Office by e-mail.
Call for Papers—Instructions to Authors
The Editorial Board of the Annals of Public and Cooperative Economics welcomes articles, in French or in English, dealing with broadly defined public, nonprofit or cooperative economics (non-profit organizations, cooperatives, social enterprises, public enterprises, public-private enterprises, employee participation, public services provision and regulation, both in developed and developing countries.)
The selection criteria are the originality and scientific quality of the article, and the interest it offers in terms of information exchange between experts and academics in the field of public, cooperative or nonprofit economics. Survey articles are also welcome which review relevant literature and address the key topical issues/developments within the fields mentioned above. All papers should be accessible to the non-specialist reader and are subject to anonymous peer review.1. Footnotes should be kept to a minimum and not consist of bibliographical references.2. Mathematical presentation of the methodology (theoretical or statistical models) should be
put in appendix.3. Each reference should be mentioned in the text with the name of the author and the year of
publication. Please set references out as follows:FLEISHMAN J., 1983, ed., The Future of the Postal Service, New York: Praeger.PELTZMAN S., 1976, “Toward a More General Theory of Regulation”, Journal of Law and Economics,
211–40.Propositions d’articles–Instructions aux auteursLe Comité de rédaction des Annales de l’économie publique, sociale et coopérative examine toute proposition d’article, en français ou en anglais, sur un sujet lié soit à l’économie publique, soit à l’économie sociale et coopérative (organisations sans but lucratif, coopératives, entreprises sociales, entreprises publiques, entreprises mixtes, participation des travailleurs, provision et régulation des services publics, à la fois dans les pays développés et en développement.)
Les critères de sélection sont l’originalité et la qualité scientifique de l’article et la contribution qu’il représente pour l’échange d’informations entre le monde de la recherche et celui des experts de l’économie publique, sociale et coopérative. La revue accepte aussi les “surveys” faisant état de la littérature ou examinant des thèmes/développements importants ou d’actualité dans les domaines mentionnés ci-dessus. Tous les articles doivent être accessibles au lecteur non spécialisé et sont soumis à un processus d’évaluation anonyme par des pairs.1. Les notes doivent être limitées au minimum et ne pas consister en références bibliographiques.2. La présentation formalisée de la méthodologie (modèles théoriques ou statistiques) sera de
préférence reportée en annexe.3. Bibliographie: toute référence est indiquée dans le texte par le nom des auteurs suivi de
l’année de publication. Les références seront présentées comme suit:FLEISHMAN J., 1983, ed., The Future of the Postal Service, New York: Praeger.PELTZMAN S., 1976, “Toward a More General Theory of Regulation”, Journal of Law and Economics,
211–40.On-line: This journal is available online at wileyonlinelibrary.com. Visit wileyonlinelibrary.com to search the articles and register for table of contents e-mail alerts.Abstracting and Indexing Services: • ABI/INFORM Collection (ProQuest) • Business Premium Collection (ProQuest) • EconLit (AEA) • Emerging Sources Citation Index (Clarivate Analytics) • IBR & IBZ: International Bibliographies of Periodical Literature (KG Saur) • Periodical Index Online (ProQuest) • Proquest Business Collection (ProQuest) • ProQuest Central (ProQuest) • ProQuest Politics Collection (ProQuest) • ProQuest Sociology Collection (ProQuest) • RePEc: Research Papers in Economics• SCOPUS (Elsevier) • Social Science Premium Collection (ProQuest) • Web of Science (Clarivate Analytics)Printed in Singapore by Markono Print Media Pte Ltd.ISSN 1370-4788 (Print)ISSN 1467-8292 (Online)Wiley is a founding member of the UN-backed HINARI, AGORA, and OARE initiatives. They are now collectively known as Research4Life, making online scientific content available free or at nominal cost to researchers in developing countries. Please visit Wiley’s Content Access – Corporate Citizenship site: http://www.wiley.com/WileyCDA/Section/id-390082.htmlFor submission instructions, subscription and all other information visit: http://wileyonlinelibrary.com/journal/apceWiley’s Corporate Citizenship initiative seeks to address the environmental, social, economic, and ethical challenges faced in our business and which are important to our diverse stakeholder groups. Since launching the initiative, we have focused on sharing our content with those in need, enhancing community philanthropy, reducing our carbon impact, creating global guidelines and best practices for paper use, establishing a vendor code of ethics, and engaging our colleagues and other stakeholders in our efforts. Follow our progress at www.wiley.com/go/citizenship View this journal online at wileyonlinelibrary.com/journal/apce
APCE_89_1_cover_HR 2 19/02/18 11:39 AM19/02/18 11:39 AM
ANNALS OF PUBLIC AND COOPERATIVE ECONOMICS
ANNALES DE L’ECONOMIE PUBLIQUE, SOCIALE ET COOPERATIVE
The objective of the Annals is the publication of high quality theoretical, empirical and experimental articles addressing academics and experts in such fields as: non-profit organizations, cooperatives, social enterprises, public enterprises, public-private enterprises, employee participation, public services provision and regulation, both in developed and developing countries.
The Annals was founded in 1908 by Edgard Milhaud (Geneva) who was Director until 1960. Paul Lambert (Liège) directed the Annals from 1960 until 1977 and Guy Quaden (Liège) from 1977 until 1990. From 1947 to 2017 it has been published by the International Centre of Research and Information on the Public, Social and Cooperative Economy (CIRIEC). It is currently published by its Foundation Edgard Milhaud. We gratefully acknowledge HEC Management School of the University of Liège for supporting the publication of the Annals.
La vocation des Annales est la publication d’articles de type théorique, empirique et expérimental de qualité s’adressant aux scientifiques et experts dans les domaines tels que : organisations sans but lucratif, coopératives, entreprises sociales, entreprises publiques, entreprises mixtes, participation des travailleurs, provision et régulation des services publics..., etc. à la fois dans les pays développés et en développement.Les Annales ont été fondées en 1908 par Edgard Milhaud (Genève); elles ont été dirigées par lui jusqu’en 1960, puis, de 1960 à 1977, par Paul Lambert (Liège) et, de 1977 à 1990 par Guy Quaden (Liège). Depuis 1947, elles sont éditées par le Centre international de recherches et d’information sur l’économie publique, sociale et coopérative (CIRIEC), depuis 2018 par l’intermédiaire de sa Fondation Edgard Milhaud. Les Annales ont l’honneur d’être publiées avec l’aide financière de HEC-Ecole de Gestion de l’Université de Liège.Editorial address/Adresse de la rédaction: CIRIEC, Université de Liège, Quartier Agora Place des Orateurs 1 – Bât. B33 – bte 6, BE-4000 Liège ([email protected])Director/Directeur: Bernard ThiryEditor in chief/Rédacteur en chef: Marco MariniEditorial Assistant/Assistante de rédaction: Christine DussartPublisher: Annals of Public and Cooperative Economics is published by John Wiley & Sons Ltd,9600 Garsington Road, Oxford OX4 2DQ, UK, and 350 Main Street, Malden, MA 02148, USA. Blackwell Publishing is now part of John Wiley & Sons. Blackwell’s programme has been merged with Wiley’s global Scientific, Technical, and Medical business to form Wiley Blackwell.Journal Customer Services: For ordering information, claims and any enquiry concerning your journal subscription please go to www.wileycustomerhelp.com/ask or contact your nearest office. Americas: Email: [email protected]; Tel: +1 781 388 8598 or +1 800 835 6770 (toll free in the USA & Canada). Europe, Middle East and Africa: Email: [email protected]; Tel: +44 (0) 1865 778315. Asia Pacific: Email: [email protected]; Tel: +65 6511 8000. Japan: For Japanese speaking support, Email: [email protected] Visit our Online Customer Help available in 7 languages at www.wileycustomerhelp.com/ask Production Editor: Vikram Dhal (email: [email protected])Disclaimer: The Publisher, CIRIEC and Editors cannot be held responsible for errors or any consequences arising from the use of information contained in this journal; the views and opinions expressed do not necessarily reflect those of the Publisher, CIRIEC and Editors, neither does the publication of advertisements constitute any endorsement by the Publisher, CIRIEC and Editors of the products advertised.Information for Subscribers: Annals of Public and Cooperative Economics is published in four issues per year in March, June, September and December. Institutional subscription prices for 2018 are: Print & Online: US$922 (US), US$1079 (Rest of World), €654 (Europe), £518 (UK). Prices are exclusive of tax. Asia-Pacific GST, Canadian GST/HST and European VAT will be applied at the appropriate rates. For more information on current tax rates, please go to HYPERLINK “http://www.wileyonlinelibrary.com/tax-vat” www.wileyonlinelibrary.com/tax-vat. The price includes online access to the current and all online back files to January 1st 2014, where available. For other pricing options, including access information and terms and conditions, please visit www.wileyonlinelibrary.com/accessDelivery Terms and Legal TitleWhere the subscription price includes print issues and delivery is to the recipient’s address, delivery terms are Delivered at Place (DAP); the recipient is responsible for paying any import duty or taxes. Title to all issues transfers FOB our shipping point, freight prepaid. We will endeavour to fulfil claims for missing or damaged copies within six months of publication, within our reasonable discretion and subject to availability.Back issues: Single issues from current and recent volumes are available at the current single issue price from [email protected]. Earlier issues may be obtained from Periodicals Service Company, 351 Fairview Avenue – Ste 300, Hudson, NY 12534, USA. Tel: +1 518 822 9300, Fax: +1 518 822 9305, Email: [email protected] ID Statement:Annals of Public and Cooperative Economics, (ISSN: 1370-4788), is published quarterly in March, June, September and December. US mailing agent: Mercury Media Processing, LLC, 1850 Elizabeth Avenue, Suite #C, Rahway, NJ 07065 USA. Periodical postage paid at Rahway, NJ. Postmaster: Send all address changes to Annals of Public and Cooperative Economics, John Wiley & Sons Inc., C/O The Sheridan Press, PO Box 465, Hanover, PA 17331 USA.Annals of Public and Cooperative Economics accepts articles for Open Access publication. Please visit http://olabout.wiley.com/WileyCDA/Section/id-828081.html for further information about OnlineOpen.
Guidelines for Submission to Annals of Public and Cooperative Economics
Annals of Public and Cooperative Economics has now adopted ScholarOne Manuscripts, for online manuscript submission and peer review. The new system brings with it a whole host of benefits including:
• Quick and easy submission• Administration centralised and reduced• Significant decrease in peer review timesFrom now on all submissions to the journal must be submitted online at http://mc.
manuscriptcentral.com/apce. Full instructions and support are available on the site and a user ID and password can be obtained on the first visit. If you require assistance then click the Get Help Now link which appears at the top right of every ScholarOne Manuscripts page. If you cannot submit online, please contact [email protected] in the Editorial Office by e-mail.
Call for Papers—Instructions to Authors
The Editorial Board of the Annals of Public and Cooperative Economics welcomes articles, in French or in English, dealing with broadly defined public, nonprofit or cooperative economics (non-profit organizations, cooperatives, social enterprises, public enterprises, public-private enterprises, employee participation, public services provision and regulation, both in developed and developing countries.)
The selection criteria are the originality and scientific quality of the article, and the interest it offers in terms of information exchange between experts and academics in the field of public, cooperative or nonprofit economics. Survey articles are also welcome which review relevant literature and address the key topical issues/developments within the fields mentioned above. All papers should be accessible to the non-specialist reader and are subject to anonymous peer review.1. Footnotes should be kept to a minimum and not consist of bibliographical references.2. Mathematical presentation of the methodology (theoretical or statistical models) should be
put in appendix.3. Each reference should be mentioned in the text with the name of the author and the year of
publication. Please set references out as follows:FLEISHMAN J., 1983, ed., The Future of the Postal Service, New York: Praeger.PELTZMAN S., 1976, “Toward a More General Theory of Regulation”, Journal of Law and Economics,
211–40.Propositions d’articles–Instructions aux auteursLe Comité de rédaction des Annales de l’économie publique, sociale et coopérative examine toute proposition d’article, en français ou en anglais, sur un sujet lié soit à l’économie publique, soit à l’économie sociale et coopérative (organisations sans but lucratif, coopératives, entreprises sociales, entreprises publiques, entreprises mixtes, participation des travailleurs, provision et régulation des services publics, à la fois dans les pays développés et en développement.)
Les critères de sélection sont l’originalité et la qualité scientifique de l’article et la contribution qu’il représente pour l’échange d’informations entre le monde de la recherche et celui des experts de l’économie publique, sociale et coopérative. La revue accepte aussi les “surveys” faisant état de la littérature ou examinant des thèmes/développements importants ou d’actualité dans les domaines mentionnés ci-dessus. Tous les articles doivent être accessibles au lecteur non spécialisé et sont soumis à un processus d’évaluation anonyme par des pairs.1. Les notes doivent être limitées au minimum et ne pas consister en références bibliographiques.2. La présentation formalisée de la méthodologie (modèles théoriques ou statistiques) sera de
préférence reportée en annexe.3. Bibliographie: toute référence est indiquée dans le texte par le nom des auteurs suivi de
l’année de publication. Les références seront présentées comme suit:FLEISHMAN J., 1983, ed., The Future of the Postal Service, New York: Praeger.PELTZMAN S., 1976, “Toward a More General Theory of Regulation”, Journal of Law and Economics,
211–40.On-line: This journal is available online at wileyonlinelibrary.com. Visit wileyonlinelibrary.com to search the articles and register for table of contents e-mail alerts.Abstracting and Indexing Services: • ABI/INFORM Collection (ProQuest) • Business Premium Collection (ProQuest) • EconLit (AEA) • Emerging Sources Citation Index (Clarivate Analytics) • IBR & IBZ: International Bibliographies of Periodical Literature (KG Saur) • Periodical Index Online (ProQuest) • Proquest Business Collection (ProQuest) • ProQuest Central (ProQuest) • ProQuest Politics Collection (ProQuest) • ProQuest Sociology Collection (ProQuest) • RePEc: Research Papers in Economics• SCOPUS (Elsevier) • Social Science Premium Collection (ProQuest) • Web of Science (Clarivate Analytics)Printed in Singapore by Markono Print Media Pte Ltd.ISSN 1370-4788 (Print)ISSN 1467-8292 (Online)Wiley is a founding member of the UN-backed HINARI, AGORA, and OARE initiatives. They are now collectively known as Research4Life, making online scientific content available free or at nominal cost to researchers in developing countries. Please visit Wiley’s Content Access – Corporate Citizenship site: http://www.wiley.com/WileyCDA/Section/id-390082.htmlFor submission instructions, subscription and all other information visit: http://wileyonlinelibrary.com/journal/apceWiley’s Corporate Citizenship initiative seeks to address the environmental, social, economic, and ethical challenges faced in our business and which are important to our diverse stakeholder groups. Since launching the initiative, we have focused on sharing our content with those in need, enhancing community philanthropy, reducing our carbon impact, creating global guidelines and best practices for paper use, establishing a vendor code of ethics, and engaging our colleagues and other stakeholders in our efforts. Follow our progress at www.wiley.com/go/citizenship View this journal online at wileyonlinelibrary.com/journal/apce
APCE_89_1_cover_HR 2APCE_89_1_cover_HR 2 19/02/18 11:39 AM
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About CIRIECCIRIEC (International Centre of Research and Information on the Public, Social and Cooperative Economy) is a non-
governmental international scientific organization. Its objectives are to undertake and promote the collection of
information, scientific research and the publication of works on economic sectors and activities oriented towards the
service of the general and collective interest: action by the State and the local and regional public authorities in
economic fields (economic policy, regulation); public utilities; public and mixed enterprises at the national, regional and
municipal levels; the so-called ``social economy” (not-for-profit economy, cooperatives, mutuals, and non-profit
organizations); etc. In these fields, CIRIEC seeks to offer information and opportunities for mutual enrichment to
practitioners and academics.
CIRIEC activities are realized with the support of the Walloon Region and the Belgian French Speaking Community.
Le CIRIEC (Centre international de recherches et d’information sur l’économie publique, sociale et coopérative) est une
organisation scientifique internationale non gouvernementale. Ses objectifs sont d’assurer et de promouvoir la collecte
d’informations, la recherche scientifique et la publication de travaux concernant les secteurs économiques et les
activités orientées vers le service de l’intérêt général et collectif: I’action de I’Etat et des pouvoirs publics régionaux et
locaux dans les domains économiques (politique économique, régulation); les services publics; les entreprises
publiques et mixtes aux niveaux national, régional et local; I’économie sociale: coopératives, mutuelles et associations
sans but lucratif; etc. Le CIRIEC a pour but de mettre à la disposition des scientifiques et des praticiens des
informations concernant ces différents domaines et de leur fournir des occasions d’enrichissement mutuel.
Les activités du CIRIEC sont réalisées avec le soutien de la Région wallonne et de la Communauté française de
Belgique.
Printed in Singapore by Markono Print Media Pte Ltd.
Reflections on the Future Evolution of Social, Nonprofit and Cooperative
Enterprise
AVNER BEN-NER
Development NGOs: Basic Facts
GANI ALDASHEV and CECILIA NAVARRA
Nonprofits in the Field: An Economic Analysis of Peer Monitoring and Sabotage
EMMANUELLE AURIOL and STEFANIE BRILON
Is the Credit Worth it? For-Profit Lenders in Microfinance with Rational and
Behavioral Borrowers
JONATHAN DE QUIDT and MAITREESH GHATAK
Nonunion Employee Representation: Theory and the German Experience with
Mandated Works Councils
UWE JIRJAHN and STEPHEN C. SMITH
CEO Activism and Supply Chain Interactions
HARALD HINTERECKER , MICHAEL KOPEL and ANNA RESSI
Democratic, Accountable States are Impossible Without “Behavioral” Humans
LOUIS PUTTERMAN
Annals of Public and
Cooperative Economics
Annales de l’économie
publique, sociale et
coopérative
An Enduring Platform for Public and Cooperative Economics Research
Edited by
MARCO MARINI AND BERNARD THIRY
An Enduring Platform for Public and Cooperative Economics Research:
A Centennial Perspective
MARCO MARINI and BERNARD THIRY
Public Stock Ownership
GIACOMO CORNEO
Public Private Partnerships in Europe for Building and Managing Public
Infrastructures: An Economic Perspective
ELISABETTA IOSSA and STÉPHANE SAUSSIER
The Public Economics of Long-Term Care. A Survey of Recent Contributions
JUSTINA KLIMAVICIUTE and PIERRE PESTIEAU
The Theory of the Labor-Managed Firm: Past, Present, and Future
GREGORY K. DOW
Meritocracy, Efficiency, Incentives and Voting in Cooperative Production: A Survey
CARMEN BEVIÁ and LUIS C. CORCHÓN
ISSN 1370-4788
VOL 89 ❙ NO 1 ❙ MARCH 2018
continued on outside back cover
APCE_89_1_cover_HR 1APCE_89_1_cover_HR 1 19/02/18 11:39 AM19/02/18 11:39 AM
ANNALS OF PUBLIC ANDCOOPERATIVE ECONOMICS
ANNALES DE L’ECONOMIE PUBLIQUE,SOCIALE ET COOPERATIVE
Director / DirecteurBernard THIRY (CIRIEC)
Editor / Redacteur en chefMarco MARINI (Universita di Roma La Sapienza, Italia)
Co-editors / Redacteurs associesGani ALDASHEV (Universite Libre de Bruxelles, Belgique)Emmanuelle AURIOL (Universite de Toulouse, France)Avner BEN-NER (University of Minnesota, USA)Gabriel BURDIN (FCEA, Universidad de la Republica, Uruguay & Leeds University Business School, UK)Matthew ELLMAN (Institute for Economic Analysis, CSIC, and Barcelona Graduate School of Economics,Espana)Massimo FLORIO (Universita di Milano, Italia)
Advisory Board / Conseil d’orientationPhilippe BANCE (Universite de Rouen, France)Luc BERNIER (ENAP, Quebec, Canada)Marie J. BOUCHARD (Universite du Quebec a Montreal, Canada)Rafael CHAVES (Universidad de Valencia, Espana)Fabienne FECHER (Universite de Liege, Belgique)
Editorial Board / Conseil de redactionBaleren BAKAIKOA (Universidad del Pais Basco, Espana)Leonardo BECCHETTI (Universita di Roma “Tor Vergata”, Italia)Jos BIJMAN (Wageningen University, Nederland)Giuseppe BOGNETTI (Universita di Milano, Italia)Judith CLIFTON (Universidad de Cantabria, Espana)Chris CONFORTH (Open University, Milton Keynes, UK)Giacomo CORNEO (Freien Universitat Berlin, Deutschland)Helmuth CREMER (Universite de Toulouse, France)Bernard ENJOLRAS (Institute for Social Research, Oslo, Norway)Saul ESTRIN (London School of Economics, UK)Massimo FILIPPINI (University of Lugano and ETH Zurich, Switzerland)Mathias FINGER (Ecole Polytechnique Federale de Lausanne, Suisse)Bernard GAZIER (Universite de Paris I, France)Maitreesh GHATAK (London School of Economics, UK)Dorothea GREILING (Johannes Kepler Universitat Linz, Osterreich)Benedetto GUI (Sophia University Institute, Italy)Hajime IMAMURA (Toyo University, Japan)Elisabetta IOSSA (Universita di Roma “Tor Vergata”, Italia)Derek JONES (Hamilton College, Clinton, USA)Panu KALMI (University of Vaasa, Finland)Jeremy KENDALL (University of Kent, Canterbury, UK)Michael KOPEL (Graz Universitat, Osterreich)Thomas LAMARCHE (Universite Paris Diderot, France)Jonathan LEAPE (London School of Economics, UK)Luc LERUTH (IMF, USA)Carmen MARCUELLO (Universidad de Zaragoza, Espana)Marguerite MENDELL (Concordia University, Canada)Jose Luis MONZON CAMPOS (Universidad de Valencia, Espana)Sonja NOVKOVIC (Saint Mary’s University, Canada)Gabriel OBERMANN (WU Vienna University of Economics and Business, Austria)Ulf PAPENFUß (Leipzig Universitat, Germany)
Leandro PEREIRA MORAIS (University of Campinas, Brazil)Sergio PERELMAN (Universite de Liege, Belgique)Virginie PEROTIN (Leeds University, UK)Pierre PESTIEAU (Universite de Liege, Belgique)Louis PUTTERMAN (Brown University, USA)Eoin REEVES (University of Limerick, Ireland)Susan ROSE-ACKERMAN (Yale University, New Haven, USA)Joaquim RUBENS FONTES FILHO (Fundacao Getulio Vargas, Rio de Janeiro, Brasil)Lester M. SALAMON (Johns Hopkins University, Baltimore, USA and Higher School of Economics,Moscow, Russia)Stephen C. SMITH (George Washington University, Washington DC, USA)Roger SPEAR (Open University, Milton Keynes, UK)Richard STEINBERG (Indiana University in Indianapolis, USA)Thierry VERDIER (Paris School of Economics, France)Mirta VUOTTO (Universidad de Buenos Aires, Argentina)Catherine WADDAMS PRICE (University of East Anglia, UK)Mildred E. WARNER (Cornell University, USA)Hans WESTLUND (Royal Institute of Technology, Stockholm, Sweden)Alberto ZEVI (Centro Studi, Legacoop, Italy)
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VOLUME 89 NUMBER 1 (2018)
ANNALS OF PUBLIC ANDCOOPERATIVE ECONOMICS
ANNALES DE L’ECONOMIE PUBLIQUE,SOCIALE ET COOPERATIVE
An Enduring Platform for Public and Cooperative Economics Research
Edited by
MARCO MARINI AND BERNARD THIRY
An Enduring Platform for Public and Cooperative EconomicsResearch: A Centennial PerspectiveMarco Marini and Bernard Thiry 5
Public Stock OwnershipGiacomo Corneo 11
Public Private Partnerships in Europe for Building andManaging Public Infrastructures: An Economic PerspectiveElisabetta Iossa and Stephane Saussier 25
The Public Economics of Long-Term Care. A Survey of RecentContributionsJustina Klimaviciute and Pierre Pestieau 49
The Theory of the Labor-Managed Firm: Past, Present, andFutureGregory K. Dow 65
Meritocracy, Efficiency, Incentives and Voting in CooperativeProduction: A SurveyCarmen Bevia and Luis C. Corchon 87
Reflections on the Future Evolution of Social, Nonprofit andCooperative EnterpriseAvner Ben-Ner 109
Development NGOs: Basic FactsGani Aldashev and Cecilia Navarra 125
Nonprofits in the Field: An Economic Analysis of PeerMonitoring and SabotageEmmanuelle Auriol and Stefanie Brilon 157
Is the Credit Worth it? For-Profit Lenders in Microfinance withRational and Behavioral BorrowersJonathan De Quidt and Maitreesh Ghatak 175
Nonunion Employee Representation: Theory and the GermanExperience with Mandated Works CouncilsUwe Jirjahn and Stephen C. Smith 201
CEO Activism and Supply Chain InteractionsHarald Hinterecker, Michael Kopel and Anna Ressi 235
Democratic, Accountable States are Impossible Without“Behavioral” HumansLouis Putterman 251
