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A note on an equilibrium in the great fish war game

  • Andrzej Nowak

    ()

    (Faculty of Mathematics, Computer Science and Econometrics, University of Zielona Gora)

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.

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Article provided by AccessEcon in its journal Economics Bulletin.

Volume (Year): 17 (2006)
Issue (Month): 2 ()
Pages: 1-10

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Handle: RePEc:ebl:ecbull:eb-05q20009
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  1. Łukasz Balbus & Andrzej S. Nowak, 2004. "Construction of Nash equilibria in symmetric stochastic games of capital accumulation," Mathematical Methods of Operations Research, Springer, vol. 60(2), pages 267-277, October.
  2. 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.
  3. repec:spr:compst:v:60:y:2004:i:2:p:267-277 is not listed on IDEAS
  4. Nowak, Andrzej S., 2006. "A multigenerational dynamic game of resource extraction," Mathematical Social Sciences, Elsevier, vol. 51(3), pages 327-336, May.
  5. 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.
  6. Manjira Datta & Leonard J. Mirman, . "Externalities, Market Power, and Resource Extraction," Working Papers 97/12, Arizona State University, Department of Economics.
  7. Andrzej Nowak, 2006. "On perfect equilibria in stochastic models of growth with intergenerational altruism," Economic Theory, Springer, vol. 28(1), pages 73-83, 05.
  8. Dutta, Prajit K & Sundaram, Rangarajan K, 1993. "The Tragedy of the Commons?," Economic Theory, Springer, vol. 3(3), pages 413-26, July.
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