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Appropriation of Common Access Natural Resources through Exploration: The Relevance of the Open-Loop Concept

  • Mohr, Ernst U
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    In this paper, the open-loop equilibrium is rehabilitated as a sensible concept for analyzing common property situations. In a model of natur al resource exploration in which the sole motivation to explore prior to extraction arises from a strategic incentive to preempt competito rs, a consistency rule to the exploration game is applied under which the commonality of reserves is preserved even if strategies are open -loop. Under this rule, the so often claimed efficiency of the common property open-loop equilibrium is lost. Copyright 1988 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

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    Article provided by Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association in its journal International Economic Review.

    Volume (Year): 29 (1988)
    Issue (Month): 2 (May)
    Pages: 307-19

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    Handle: RePEc:ier:iecrev:v:29:y:1988:i:2:p:307-19
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    1. Gilbert, Richard J, 1979. "Optimal Depletion of an Uncertain Stock," Review of Economic Studies, Wiley Blackwell, vol. 46(1), pages 47-57, January.
    2. Arrow, Kenneth J. & Chang, Sheldon, 1982. "Optimal pricing, use, and exploration of uncertain natural resource stocks," Journal of Environmental Economics and Management, Elsevier, vol. 9(1), pages 1-10, March.
    3. Deshmukh, Sudhakar D & Pliska, Stanley R, 1980. "Optimal Consumption and Exploration of Nonrenewable Resources under Uncertainty," Econometrica, Econometric Society, vol. 48(1), pages 177-200, January.
    4. Gilbert, Richard J, 1977. "Resource Extraction with Differential Information," American Economic Review, American Economic Association, vol. 67(1), pages 250-54, February.
    5. Eswaran, Mukesh & Lewis, Tracy R, 1984. "Appropriability and the Extraction of a Common Property Resource," Economica, London School of Economics and Political Science, vol. 51(204), pages 393-400, November.
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