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Sustainability or ruin of a common resource economy with random jump

  • Masatoshi Fujisaki

    (University of Hyogo, Japan)

  • Seiichi Katayama

    (Research Institute for Economics & Business Administration (RIEB), Kobe University, Japan)

  • Hiroshi Ohta

    (Graduate School of International Cooperation Studies, Kobe University, Japan)

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    We consider a common resource economy in which agents exploit the common resource, and use it to produce goods and consume the goods produced. Also the agents can invest in private and productive capital. The resource extracted from the common resource is non-renewable and the common pool is under unceratinty in the sense that it could have a sudden increase or decrease in the course of extraction. In this model we shall explore the probability of sustainability or ruin of the economy. We compare and discuss the optimal extraction rules and the probabilities under cooperative and non-cooperative regimes.

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    File URL: http://www.rieb.kobe-u.ac.jp/academic/ra/dp/English/dp178.pdf
    File Function: First version, 2005
    Download Restriction: no

    Paper provided by Research Institute for Economics & Business Administration, Kobe University in its series Discussion Paper Series with number 178.

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    Length: 18 pages
    Date of creation: Nov 2005
    Date of revision:
    Handle: RePEc:kob:dpaper:178
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