A note on an equilibrium in the great fish war game
The great fish war game by Levhari and Mirman is studied under the limiting average utility criterion. It turns out that a stationary equilibrium in this game has a turnpike property, leads to higher steady state compared with those of discounted games but gives a higher steady state consumption. The convergence of the equilibrium functions in the finite horizon games to an equilibrium function in the infinite horizon discounted game is also proved.
Volume (Year): 17 (2006)
Issue (Month): 2 ()
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- Datta, Manjira & Mirman, Leonard J., 1999.
"Externalities, Market Power, and Resource Extraction,"
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