Sport as a Common Property Resource

A Model of Pesticide Resistance as a Common Property and Exhaustible Resource By

A dynamic farm production model analyzes the interaction between the externalities caused by pest mobility and the development of pesticide resistance, a nonrenewable resource, in the context of agricultural biotechnologies. The model measures the effect of farmers’ myopic behavior and the impact of pest mobility on the path of resistance.

The Economic Theory of a Common-Property Resource: The Fishery

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Strategic exploitation of a common-property resource under uncertainty

We construct a game of noncooperative common-resource exploitation which delivers analytical solutions for its symmetric Markov-perfect Nash equilibrium. We examine how introducing uncertainty to the natural law of resource reproduction affects strategic exploitation. We show that the commons problem is always present in our example and we identify cases in which increases in risk amplify or mi...

Property Rights and Natural Resource : Socio - Economic Heterogeneity and Distributional Implications of Common Property Resource Management

Extinction in common property resource models: an analytically tractable example

We discuss an analytically tractable discrete-time dynamic game in which a finite number of players extract a renewable resource. We characterize a symmetric Markov-perfect Nash equilibrium of this game and derive a necessary and sufficient condition under which the resource does not become extinct in equilibrium. This condition requires that the intrinsic growth rate of the resource exceeds a ...