| Abstract |
The economic role and limitations of cooperatives are derived using
an approach based on investment cash flows and net present value. Cooperatives
are viewed as an option for member investment as well as an option for
member patronage. The investment approach yields results similar to the
traditional paradigms that focus on patronage. In addition, the approach
makes more explicit the impact of member investment on cooperative existence,
valuation, performance measurement, and strategy options. |
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