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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- Manjira Datta & Leonard J. Mirman, "undated". "Externalities, Market Power, and Resource Extraction," Working Papers 97/12, Arizona State University, Department of Economics.
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- repec:spr:compst:v:60:y:2004:i:2:p:267-277 is not listed on IDEAS
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- 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 413-426, July.
- 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. Full references (including those not matched with items on IDEAS)
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