Equilibrium management of fisheries with altruistic overlapping generations
AbstractWe imbed a classic fishery model, where the optimal policy follows a Most Rapid Approach Path to a steady state, into an overlapping generations setting. The current generation discounts future generations’ utility flows at a rate possibly different from the pure rate of time preference used to discount their own utility flows. The resulting model has non-constant discount rates, leading totime inconsistency. The unique Markov Perfect equilibrium to this model hasa striking feature: provided that the current generation has some concern forthe not-yet born, the equilibrium policy does not depend on the degree of thatconcern.
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Bibliographic InfoPaper provided by University of California at Berkeley, Department of Agricultural and Resource Economics and Policy in its series CUDARE Working Paper Series with number 1124.
Length: 24 pages
Date of creation: Dec 2011
Date of revision:
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Postal: University of California, Giannini Foundation of Agricultural Economics Library, 248 Giannini Hall #3310, Berkeley CA 94720-3310
Other versions of this item:
- Ekeland, Ivar & Karp, Larry & Sumaila, Rashid, 2011. "Equilibrium management of fisheries with altruistic overlapping generations," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series qt8615756p, Department of Agricultural & Resource Economics, UC Berkeley.
- Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development
- Q22 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Fishery
- C - Mathematical and Quantitative Methods
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