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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- Nowak, Andrzej S., 2006. "A multigenerational dynamic game of resource extraction," Mathematical Social Sciences, Elsevier, vol. 51(3), pages 327-336, May.
- Andrzej Nowak, 2006. "On perfect equilibria in stochastic models of growth with intergenerational altruism," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 28(1), pages 73-83, 05.
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97/12, Arizona State University, Department of Economics.
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- Manjira Datta & Leonard Mirman, . "Externalities, Market Power, and Resource Extraction," Working Papers 2132842, Department of Economics, W. P. Carey School of Business, Arizona State University.
- Łukasz Balbus & Andrzej S. Nowak, 2004. "Construction of Nash equilibria in symmetric stochastic games of capital accumulation," Mathematical Methods of Operations Research, Springer;Gesellschaft für Operations Research (GOR);Nederlands Genootschap voor Besliskunde (NGB), vol. 60(2), pages 267-277, October.
- Dutta, Prajit K & Sundaram, Rangarajan K, 1993. "The Tragedy of the Commons?," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 3(3), pages 413-26, July.
- Fischer, Ronald D. & Mirman, Leonard J., 1992. "Strategic dynamic interaction : Fish wars," Journal of Economic Dynamics and Control, Elsevier, vol. 16(2), pages 267-287, April.
- repec:spr:compst:v:60:y:2004:i:2:p:267-277 is not listed on IDEAS
- Sundaram, Rangarajan K., 1989. "Perfect equilibrium in non-randomized strategies in a class of symmetric dynamic games," Journal of Economic Theory, Elsevier, vol. 47(1), pages 153-177, February.
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