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Probabilistic Destruction of Common-Pool Resources: Experimental Evidence

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  • Walker, James M
  • Gardner, Roy

Abstract

Using experimental methods to test a game theoretic model of destruction in a common pool resource environment, this paper investigates whether the possibility of destruction will significantly alter choice behavior in the resulting game. When there is a nonnegligible probability of destruction at the subgame perfect equilibrium, the common pool resource is in every case destroyed and, in most cases, rather quickly. Even when there is a second subgame perfect equilibrium that is completely safe and yields near optimal rents, subjects do not stabilize at this equilibrium. The consequence of this destruction is in every case a significant loss in rents. Copyright 1992 by Royal Economic Society.

Suggested Citation

  • Walker, James M & Gardner, Roy, 1992. "Probabilistic Destruction of Common-Pool Resources: Experimental Evidence," Economic Journal, Royal Economic Society, vol. 102(414), pages 1149-1161, September.
    • Handle: RePEc:ecj:econjl:v:102:y:1992:i:414:p:1149-61
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