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A small Fish War: an example with frequency-dependent stage payoffs

Listed author(s):
  • R. Joosten
Registered author(s):

    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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    Paper provided by Philipps University Marburg, Department of Geography in its series Papers on Economics and Evolution with number 2005-06.

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    Length: 18 pages
    Date of creation: May 2005
    Handle: RePEc:esi:evopap:2005-06
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    Phone: 064212824257
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    References listed on IDEAS
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    1. Sergiu Hart, 1985. "Nonzero-Sum Two-Person Repeated Games with Incomplete Information," Mathematics of Operations Research, INFORMS, vol. 10(1), pages 117-153, February.
    2. repec:cor:louvrp:-636 is not listed on IDEAS
    3. R. Joosten, "undated". "On Repeated Games with Vanishing Actions," Papers on Economics and Evolution 2001-11, Philipps University Marburg, Department of Geography.
    4. Forges, Francoise M, 1986. "An Approach to Communication Equilibria," Econometrica, Econometric Society, vol. 54(6), pages 1375-1385, November.
    5. AMIR, Rabah, "undated". "Stochastic games in economics and related fields: an overview," CORE Discussion Papers RP 1664, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    6. 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.
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