A small Fish War: an example with frequency-dependent stage payoffs
Two agents possess the fishing rights to a lake. Each period they have two options, to catch without restraint, e.g., to use a fine-mazed net, or to catch with some restraint, e.g., to use a wide-mazed net. The use of a fine-mazed net always yields a higher immediate catch than the alternative. The present catches depend on the behavior of the agents in the past. The more often the agents have used the fine-mazed net in the past, the lower the present catches are independent from the type of nets being used. We determine feasible rewards and provide (subgame perfect) equilibria for the limiting average reward criterion using methods inspired by the repeated-games literature. Our analysis shows that a `tragedy of the commons' can be averted, as sustainable Pareto-efficient outcomes can be supported by subgame perfect equilibria.
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|Date of creation:||May 2005|
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Web page: http://www.uni-marburg.de/fb19/
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- AMIR, Rabah, 2001. "Stochastic games in economics and related fields: an overview," CORE Discussion Papers 2001060, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Brenner, Thomas & Witt, Ulrich, 2003. "Melioration learning in games with constant and frequency-dependent pay-offs," Journal of Economic Behavior & Organization, Elsevier, vol. 50(4), pages 429-448, April.
- Dockner,Engelbert J. & Jorgensen,Steffen & Long,Ngo Van & Sorger,Gerhard, 2000. "Differential Games in Economics and Management Science," Cambridge Books, Cambridge University Press, number 9780521637329.
- Forges, F., 1984.
"An approach to communication equilibria,"
CORE Discussion Papers
1984035, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- R. Joosten, . "On Repeated Games with Vanishing Actions," Papers on Economics and Evolution 2001-11, Philipps University Marburg, Department of Geography.
- repec:cor:louvrp:-636 is not listed on IDEAS
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