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Inter‐ and intragenerational renewableresource extraction

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  • S. Jørgensen
  • D.W.K. Yeung

Abstract

The paper develops a differential game in which there are overlapping generationsof extractors of a renewable resource. We consider intragenerational as well as intergenerationalcompetition between extractors. An interesting feature of the game, which isnovel in differential games, is the asynchronous horizons of the players resulting fromoverlapping generations. A feedback Nash equilibrium characterizing the extraction rates ofthe generations is identified. In particular, the value functions and the equilibrium strategiesare obtained in closed form. An extension of the model to a stochastic model with randomresource stock dynamics is obtained. Copyright Kluwer Academic Publishers 1999

Suggested Citation

  • S. Jørgensen & D.W.K. Yeung, 1999. "Inter‐ and intragenerational renewableresource extraction," Annals of Operations Research, Springer, vol. 88(0), pages 275-289, January.
    • Handle: RePEc:spr:annopr:v:88:y:1999:i:0:p:275-289:10.1023/a:1018938631696
    DOI: 10.1023/A:1018938631696
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    Cited by:

    1. Ovanes Petrosian, 2018. "About the Looking Forward Approach in Cooperative Differential Games with Transferable Utility," HSE Working papers WP BRP 183/EC/2018, National Research University Higher School of Economics.
    2. Luca Grilli, 2008. "Resource extraction activity: an intergenerational approach with asymmetric players," Quaderni DSEMS lg_gta_2008, Dipartimento di Scienze Economiche, Matematiche e Statistiche, Universita' di Foggia.
    3. Petrosian Ovanes, 2016. "Looking Forward Approach in Cooperative Differential Games," International Game Theory Review (IGTR), World Scientific Publishing Co. Pte. Ltd., vol. 18(02), pages 1-14, June.

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