Tradition and Common Property Management
AbstractSince management of a common property resource can only be undertaken by a government of finitely lived agents, a natural way to study common property management is to study the behavior of such governments. This paper proposes that the choice of management objective by a government of finitely lived agents be regarded as a ``move'' in a game of sequential agents. Given this framework, it is shown that there exist subgame perfect equilibria in which each successive government chooses the same ``traditional'' management objective. These strategies enable an economy to overcome an intergenerational externality which can occur otherwise. Thus, following a tradition of conservation may be a rational response to an intergenerational externality. While the paper is primarily concerned with common property economies, the results also apply to private property economies and are relevant to the current debate over ``sustainability''
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by University of Toronto, Department of Economics in its series Working Papers with number mturner-95-01.
Length: 20 pages
Date of creation: 17 Aug 1998
Date of revision:
Contact details of provider:
Postal: 150 St. George Street, Toronto, Ontario
Phone: (416) 978-5283
Other versions of this item:
- Q2 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation
- H1 - Public Economics - - Structure and Scope of Government
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Cremer, Jacques, 1986. "Cooperation in Ongoing Organizations," The Quarterly Journal of Economics, MIT Press, vol. 101(1), pages 33-49, February.
- Kotlikoff, Laurence J & Persson, Torsten & Svensson, Lars E O, 1988. "Social Contracts as Assets: A Possible Solution to the Time-Consistency Problem," American Economic Review, American Economic Association, vol. 78(4), pages 662-77, September.
- Matthew A. Turner, 1997. "Parental Altruism and Common Property Regulation," Canadian Journal of Economics, Canadian Economics Association, vol. 30(4), pages 809-21, November.
- Olson, Lars J. & Knapp, Keith C., 1997. "Exhaustible Resource Allocation in an Overlapping Generations Economy," Journal of Environmental Economics and Management, Elsevier, vol. 32(3), pages 277-292, March.
- Kandori, Michihiro, 1992. "Repeated Games Played by Overlapping Generations of Players," Review of Economic Studies, Wiley Blackwell, vol. 59(1), pages 81-92, January.
- Solow, Robert, 1993. "An almost practical step toward sustainability," Resources Policy, Elsevier, vol. 19(3), pages 162-172, September.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (RePEc Maintainer).
If references are entirely missing, you can add them using this form.