Masatoshi Fujisaki (University of Hyogo) Seiichi Katayama (Research Institute for Economics and Business Administration, Kobe University) Hiroshi Ohta (Kobe University, GSICS)
Abstract
In [6], Long and Katayama presented a model of exploitation of a common property resource, when agents can also invest in private and productive capital. They considered the case where the resource extracted from a common pool is non-renewable. In this paper, we try to extend their result to the case where the common pool is under uncertainty in the sense that it could have a sudden increase or decrease in the process of extraction and moreover we shall calculate the exhaustion probability.
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Publisher Info
Paper provided by Research Institute for Economics & Business Administration, Kobe University in its series Discussion Paper Series with number
177.
Find related papers by JEL classification: Q32 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Exhaustible Resources and Economic Development