Extinction in common property resource models: an analytically tractable example
نویسندگان
چکیده
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 certain threshold value that depends on the number of players and on their time-preference rates. Journal of Economic Literature classification codes: C73, Q20
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