Equilibrium management of fisheries with altruistic overlapping generations
We imbed a classic fishery model, where the optimal policy follows a Most Rapid Approach Path to a steady state, into an overlapping generations setting. The current generation discounts future generationsâ€™ utility flows at a rate possibly different from the pure rate of time preference used to discount their own utility flows. The resulting model has non-constant discount rates, leading totime inconsistency. The unique Markov Perfect equilibrium to this model hasa striking feature: provided that the current generation has some concern forthe not-yet born, the equilibrium policy does not depend on the degree of thatconcern.
|Date of creation:||10 Dec 2011|
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