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This paper develops a simple principal-agent model to determine the occupational choice of some individuals between entering the labor market as workers and setting up a labor-managed firm. The start-up requires external credit, which is provided by a monopolistic lender. We show that the occupational choice depends on both the reservation utility of workers and the loan profitability of the bank.
Underlying this work is the idea that there is a problem of strategic complementarity of individuals who choose to evade. Complementarity results from the discretionary policies of governments and the strategic implications of the StudidiSettore (sectorstudies), the mechanism used in Italy to evaluate the income (in reality, the turnover) of professional categories...
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