Abstract
Ward (1958) has first shown perverse behavior of a competitive labor-managed firm whose objective is maximization of dividends per unit of labor in the firm. Hill and Waterson (1983) and Neary (1984) have analyzed labor-managed Cournot oligopoly without product differentiation. Okuguchi (1986) and Sertel (1991, 1993) have introduced product differentiation into labor-managed oligopoly. Okuguchi (1986) has proved that under a set of conditions, the price-adjusting Bertrand oligopoly equilibrium prices are not higher than the quantity-adjusting Cournot oligopoly equilibrium prices in labor-managed oligopoly with product differentiation. Okuguchi (1992) has also provided existence and stability proof of equilibrium in labor-managed quantity-adjusting Cournot oligopoly based on the contraction mapping theorem.
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