Emmons, William R.; Schmid, Frank A. - In: Journal of Institutional and Theoretical Economics (JITE) 158 (2002) 2, pp. 234-234
This paper develops a model of pricing and dividend policies in open credit cooperatives (i.e., those doing member and nonmember business). For a fixed distribution of member preferences, the larger the fraction of business done by members, the smaller the optimal dividend and the larger the...