IDEAS home Printed from https://ideas.repec.org/a/bla/rdevec/v11y2007i2p390-403.html
   My bibliography  Save this article

Sustainability or Ruin of a Common Resource Economy with Random Jump

Author

Listed:
  • 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.

Suggested Citation

  • Masatoshi Fujisaki & Seiichi Katayama & Hiroshi Ohta, 2007. "Sustainability or Ruin of a Common Resource Economy with Random Jump," Review of Development Economics, Wiley Blackwell, vol. 11(2), pages 390-403, May.
    • Handle: RePEc:bla:rdevec:v:11:y:2007:i:2:p:390-403
    DOI: 10.1111/j.1467-9361.2007.00406.x
    as

    Download full text from publisher

    File URL: https://doi.org/10.1111/j.1467-9361.2007.00406.x
    Download Restriction: no
    File URL: https://libkey.io/10.1111/j.1467-9361.2007.00406.x?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:rdevec:v:11:y:2007:i:2:p:390-403. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: http://www.blackwellpublishing.com/journal.asp?ref=1363-6669 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.