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Equilibrium unemployment as a worker-discipline device. If there were no asymmetries in credit markets, for example—that is, if borrowers knew no more about their probability of repaying than lenders knew—then lenders would simply charge higher interest rates to higher- risk borrowers. Wages in worker cooperatives as compared to similar investor-owned firms is clearly at odds with these conclusions. In this paper, we present a comparative static exercise extending the results of the Shapiro and Stiglitz model, and showing why, at equilibrium, wages in worker cooperatives can be lower than the economy wide level.
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