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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- Saez-Marti, Maria & Weibull, Jorgen W., 2005.
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- Laibson, David I., 1997. "Golden Eggs and Hyperbolic Discounting," Scholarly Articles 4481499, Harvard University Department of Economics.
- Andrew Dyck & U. Sumaila, 2010. "Economic impact of ocean fish populations in the global fishery," Journal of Bioeconomics, Springer, vol. 12(3), pages 227-243, October.
- Ray, Debraj, 1987. "Nonpaternalistic intergenerational altruism," Journal of Economic Theory, Elsevier, vol. 41(1), pages 112-132, February.
- Clark, Colin W. & Munro, Gordon R., 1975. "The economics of fishing and modern capital theory: A simplified approach," Journal of Environmental Economics and Management, Elsevier, vol. 2(2), pages 92-106, December. Full references (including those not matched with items on IDEAS)
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