of institutional features. An institutional approach is introduced that requires a cooperative governance to realize the … potential value-production by firms, or to realize the potential user-value by clubs. For each, a distinctive governance system … is introduced. The firm requires an implementation governance to activate the value-production capacities of its service …

representation governance, and a budget-allocation function. The common service is provided by a firm, which consists of a value …-production function, an implementation governance, and a remuneration function. They extend the concepts of the consumer and the producer … in neoclassical theory. The functions mentioned are determined by cooperative games. A governance is represented by a …