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Sustainability or Ruin of a Common Resource Economy with Random Jump

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Author Info
Masatoshi Fujisaki
Seiichi Katayama
Hiroshi Ohta
Abstract

We consider a common resource economy in which agents exploit the common resource, and use it to produce goods and consume the goods produced. Also the agents can invest in private and productive capital. The resource extracted from the common resource is non-renewable and the common pool is under uncertainty in the sense that it could have a sudden increase or decrease in the course of extraction. In this model we shall explore the probability of sustainability or ruin of the economy. We compare and discuss the optimal extraction rules and the probabilities under cooperative and non-cooperative regimes. Copyright © 2007 The Authors; Journal compilation © 2007 Blackwell Publishing Ltd.

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1467-9361.2007.00406.x
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Article provided by Blackwell Publishing in its journal Review of Development Economics.

Volume (Year): 11 (2007)
Issue (Month): 2 (05)
Pages: 390-403
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Handle: RePEc:bla:rdevec:v:11:y:2007:i:2:p:390-403

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