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Sequential Games of Resource Extraction: Existence of Nash Equilibria

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Author Info
Rabah Amir (SUNY at Stony Brook)

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Abstract

A general model for noncooperative extraction of common-property resource is considered. The main result is that this sequential game has a Nash equilibrium in stationary strategies. The proof is based on an infinite dimensional fixed-point theorem, and relies crucially on the topology of epi-convergence. A byproduct of the analysis is that Nash equilibrium strategies may be selected such that marginal propensities of consumption are bounded above by one.

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File URL: http://cowles.econ.yale.edu/P/cd/d08a/d0825.pdf
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Publisher Info
Paper provided by Cowles Foundation, Yale University in its series Cowles Foundation Discussion Papers with number 825.

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Length: 26 pages
Date of creation: Mar 1987
Date of revision:
Handle: RePEc:cwl:cwldpp:825

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Postal: Yale University, Box 208281, New Haven, CT 06520-8281 USA
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Postal: Cowles Foundation, Yale University, Box 208281, New Haven, CT 06520-8281 USA

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Related research
Keywords: Sequential games; dynamic programming; fixed point theorem; Nash equilibrium; common property; natural resources; common property;

References listed on IDEAS
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  1. Rabah Amir, 1985. "A Characterization of Globally Optimal Paths in the Non-Classical Growth Model," Cowles Foundation Discussion Papers 754, Cowles Foundation, Yale University. [Downloadable!]
  2. Dechert, W. Davis & Nishimura, Kazuo, 1983. "A complete characterization of optimal growth paths in an aggregated model with a non-concave production function," Journal of Economic Theory, Elsevier, vol. 31(2), pages 332-354, December. [Downloadable!] (restricted)
  3. Kirman, Alan, 2007. "Introduction," Macroeconomic Dynamics, Cambridge University Press, vol. 11(S1), pages 1-7, November. [Downloadable!]
  4. David Levhari & Leonard J. Mirman, 1980. "The Great Fish War: An Example Using a Dynamic Cournot-Nash Solution," Bell Journal of Economics, The RAND Corporation, vol. 11(1), pages 322-334, Spring. [Downloadable!] (restricted)
  5. Skiba, A K, 1978. "Optimal Growth with a Convex-Concave Production Function," Econometrica, Econometric Society, vol. 46(3), pages 527-39, May. [Downloadable!] (restricted)
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This page was last updated on 2009-12-22.

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