Non Game-Theoretic Analyses
نویسندگان
چکیده
When is the Standard Analysis of Common Property Extraction Under Free Access Correct?---A GameTheoretic Justification for Non Game-Theoretic Analyses Analyses of common property extraction under "free access" used to assume period-byperiod rent dissipation thus avoiding the use of game theory; more modern analyses instead deduce the subgame perfect Nash equilibrium of the common property game and then investigate its free-access limit. Salant and Negri (1987) provided a troubling example where these two methodologies yield radically different predictions: while the older analysis predicts eventual extinction of the resource, the game-theoretic analysis predicts unlimited growth. We review and simplify their example and then provide weak conditions insuring that the two methodologies yield the same predictions. JEL: C72, Q20
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