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Optimal decentralized management of a natural resource

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  • Sébastien ROUILLON (GREThA UMR CNRS 5113)

Abstract

We construct an economic mechanism to realize in Nash equilibrium an optimal consumption time path of a natural resource. For exposition convenience, the analysis is conducted within the model initiated by Levhari and Mirman (1980). This framework allows us to explicitly calculate the consumption time paths of the resource, associated with an open-access regime, with a cooperative management and with a (stationary Markovian) Nash equilibrium of the di¤erence game induced by the proposed mechanism.

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File URL: http://cahiersdugretha.u-bordeaux4.fr/2010/2010-15.pdf
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Bibliographic Info

Paper provided by Groupe de Recherche en Economie Théorique et Appliquée in its series Cahiers du GREThA with number 2010-15.

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Date of creation: 2010
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Handle: RePEc:grt:wpegrt:2010-15

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Related research

Keywords: Natural resource; Fish war; Difference game; Mechanism design;

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Cited by:
  1. Rodrigo Harrison & Roger Lagunoff, 2013. "Dynamic Mechanism Design for a Global Commons," Documentos de Trabajo 442, Instituto de Economia. Pontificia Universidad Católica de Chile..

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