Tradition and Common Property Management
Since management of a common property resource can only be undertaken by a government of finitely lived agents, a natural way to study common property management is to study the behavior of such governments. This paper proposes that the choice of management objective by a government of finitely lived agents be regarded as a ``move'' in a game of sequential agents. Given this framework, it is shown that there exist subgame perfect equilibria in which each successive government chooses the same ``traditional'' management objective. These strategies enable an economy to overcome an intergenerational externality which can occur otherwise. Thus, following a tradition of conservation may be a rational response to an intergenerational externality. While the paper is primarily concerned with common property economies, the results also apply to private property economies and are relevant to the current debate over ``sustainability''
|Date of creation:||17 Aug 1998|
|Contact details of provider:|| Postal: 150 St. George Street, Toronto, Ontario|
Phone: (416) 978-5283
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Michihiro Kandori, 1992. "Repeated Games Played by Overlapping Generations of Players," Review of Economic Studies, Oxford University Press, vol. 59(1), pages 81-92.
- Jacques Cremer, 1986. "Cooperation in Ongoing Organizations," The Quarterly Journal of Economics, Oxford University Press, vol. 101(1), pages 33-49.
- Matthew A. Turner, 1997. "Parental Altruism and Common Property Regulation," Canadian Journal of Economics, Canadian Economics Association, vol. 30(4), pages 809-821, November.
- Olson, Lars J. & Knapp, Keith C., 1997. "Exhaustible Resource Allocation in an Overlapping Generations Economy," Journal of Environmental Economics and Management, Elsevier, vol. 32(3), pages 277-292, March.
- Kotlikoff, Laurence J & Persson, Torsten & Svensson, Lars E O, 1988. "Social Contracts as Assets: A Possible Solution to the Time-Consistency Problem," American Economic Review, American Economic Association, vol. 78(4), pages 662-677, September.
- Solow, Robert, 1993. "An almost practical step toward sustainability," Resources Policy, Elsevier, vol. 19(3), pages 162-172, September.
When requesting a correction, please mention this item's handle: RePEc:tor:tecipa:mturner-95-01. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (RePEc Maintainer)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.