Tradition and Common Property Management
AbstractSince management of a common property resource can be undertaken only by a government of finitely lived agents, studying the behavior of such governments is a natural way to study common property management. The author proposes that we regard the choice of management objective by such a government as a 'move' in a game of sequential agents. Given this framework, it is shown that subgame perfect equilibria exist in which successive governments choose the same 'traditional' management objective. These strategies enable an economy to overcome any intergenerational externality. Thus, following a tradition of conservation may be a rational response to an intergenerational externality.
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Bibliographic InfoArticle provided by Canadian Economics Association in its journal Canadian Journal of Economics.
Volume (Year): 32 (1999)
Issue (Month): 3 (May)
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Postal: Canadian Economics Association Prof. Steven Ambler, Secretary-Treasurer c/o Olivier Lebert, CEA/CJE/CPP Office C.P. 35006, 1221 Fleury Est Montréal, Québec, Canada H2C 3K4
Web page: http://economics.ca/cje/
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Other versions of this item:
- Q2 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation
- H1 - Public Economics - - Structure and Scope of Government
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- Cremer, Jacques, 1986. "Cooperation in Ongoing Organizations," The Quarterly Journal of Economics, MIT Press, vol. 101(1), pages 33-49, February.
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- Kandori, Michihiro, 1992. "Repeated Games Played by Overlapping Generations of Players," Review of Economic Studies, Wiley Blackwell, vol. 59(1), pages 81-92, January.
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