Investment and the tragedy of the commons
This note studies the exploitation of a common proerty resource when firms choose a technology before exploiting the resource. The sequential choice leads to overinvestment. Moreover, exploitation levels are higher than they would be if technology and labour input were chosen simultaneously. The tragedy of the commons is aggravated.
Volume (Year): 4 (2001)
Issue (Month): 2 ()
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- Kenneth Rogoff, 1985. "The Optimal Degree of Commitment to an Intermediate Monetary Target," The Quarterly Journal of Economics, Oxford University Press, vol. 100(4), pages 1169-1189.
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- James A. Brander & Barbara J. Spencer, 1984. "Export Subsidies and International Market Share Rivalry," NBER Working Papers 1464, National Bureau of Economic Research, Inc.
- Kamien, Morton I & Muller, Eitan & Zang, Israel, 1992. "Research Joint Ventures and R&D Cartels," American Economic Review, American Economic Association, vol. 82(5), pages 1293-1306, December. Full references (including those not matched with items on IDEAS)
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