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Golden rule in cooperative commons

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  • Sjur Didrik Flam

    (University of Bergen, Norway)

Abstract

This paper considers common use of natural, renewable resources. It identifies good prospects for efficiency and welfare. To be precise, a core outcome -- hence cooperation -- can be secured over time by principal planning of total quotas, and in time by agents who share these in short-term markets. Information flows in two directions: to the principal as market prices and from him as total quantities. Of particular interest is eventual convergence to a golden-rule, steady state.

Suggested Citation

  • Sjur Didrik Flam, 2023. "Golden rule in cooperative commons," The Journal of Mechanism and Institution Design, Society for the Promotion of Mechanism and Institution Design, University of York, vol. 8(1), pages 57-74, December.
    • Handle: RePEc:jmi:articl:jmi-v8i1a2
    DOI: 10.22574/jmid.2023.12.002
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    References listed on IDEAS

    as
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    6. Tapan Mitra & Santanu Roy, 2023. "Stochastic growth, conservation of capital and convergence to a positive steady state," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 76(1), pages 311-351, July.
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    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

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    JEL classification:

    • D02 - Microeconomics - - General - - - Institutions: Design, Formation, Operations, and Impact
    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions
    • P13 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Cooperative Enterprises
    • Q22 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Fishery

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