Experimentation and optimal output decisions: the cooperative versus the entrepreneurial firm

Article Abstract:

Comparison of the experimentation and optimal output strategies of entrepreneurial and cooperative firms is made in the context of uncertain demand. Short-term sacrifices for long-term payoffs in this context comes in the form of larger inventories of a perishable good on the assumption that greater output may yield more information on the demand-generating process and thus, prepare the supplier for future demand. The validity of this proposition is tested for the expected-profit-maximizing entrepreneurial firm and the expected-dividend-maximizing cooperative enterprise. The results indicate that while the enthusiasm of both types of firms for such experimentation is difficult to contain, the returns from such a strategy are not nearly as impressive as expected.

Management, Business enterprises, Marketing cooperatives

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Optimal use and the value of water resources in electricity generation

Article Abstract:

Optimum operating conditions for a hydroelectric power plant in Greece are determined and compared to actual operating conditions. The plan is a mixed system, with interconnected thermal and hydroelectric generators. Short-term marginal costs and water values are derived to help determine costs of new plants and the necessary pricing of both electric power and water supply.

Greece, Planning, Electric utilities, Finance, Electric power generation, Hydroelectric power plants, Electric power production, Facility management, Facilities management

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