In this paper we analyze the consequences of taking noise into account in a simple twoperson fishery management game. Both a stochastic and deterministic formulation are considered. Compared to the noise-free model it is shown that the used stochastic frameworkhas no implications for the equilibrium actions, whereas in the deterministic formulation as well the number of as the equilibrium actions themselves depend on the model parameters. The various equilibrium actions predicted using the deterministic frameworkseem to be quite plausible.
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Paper provided by Tilburg University, Center for Economic Research in its series Discussion Paper with number
36.
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Find related papers by JEL classification: C61 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Optimization Techniques; Programming Models; Dynamic Analysis C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games
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