Evolution of Harvesting Strategies: Replicator and Resource Dynamics
AbstractEconomic theories of managing renewable resources, such as fisheries and forestry, traditionally assume that individual harvesters are perfectly rational and thus able to compute the harvesting strategy that maximizes their discounted profits. The current paper presents an alternative approach based on bounded rationality and evolutionary mechanisms. It is assumed that individual harvesters face a choice between two harvesting strategies. The evolution of the distribution of strategies in the population is modeled through a replicator dynamics equation. The latter captures the idea that strategies yielding above average profits are demanded more than strategies yielding below average profits, so that the first type ends up accounting for a larger part in the population. From a mathematical perspective, the combination of resource and evolutionary processes leads to complex dynamics. The paper presents the existence and stability conditions for each steady-state of the system and analyzes dynamic paths to the equilibrium. In addition, effects of changes in prices are analyzed. A main result of the paper is that under certain conditions both strategies can survive in the long-run. This discussion paper has resulted in a publication in the Journal of Evolutionary Economics , 2003, 13(2), 183-200.
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Bibliographic InfoPaper provided by Tinbergen Institute in its series Tinbergen Institute Discussion Papers with number 01-056/3.
Date of creation: 13 Jun 2001
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Evolutionary Economics - Renewable Resources - Common-Property Resource - Fishery;
Other versions of this item:
- Joïlle Noailly & Jeroen C.J.M. van den Bergh & Cees A. Withagen, 2003. "Evolution of harvesting strategies: replicator and resource dynamics," Journal of Evolutionary Economics, Springer, vol. 13(2), pages 183-200, 04.
- Joelle Noailly, Jeroen van den Bergh, Cees Withagen, 2001. "Evolution of Harvesting Strategies: Replicator and Resource Dynamics," Computing in Economics and Finance 2001 263, Society for Computational Economics.
- B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian
- Q30 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - General
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- NEP-ALL-2001-07-13 (All new papers)
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