Appropriation of common access natural resources through exploration: A differential game of a claiming rush
This paper provides a model of natural resource exploration, where the sole motivation to explore arises from a strategic incentive to preempt competitors. It is assumed that private ownership rights over a finite unexplored and commonly held resource stock can be established through a costly deterministic exploration process. The open-loop and the feedback Nash equilibrium is analysed. It is shown that in between intervals of soaring exploratory activities there may be an interval where exploration is declining over time.
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- Arrow, Kenneth J. & Chang, Sheldon, 1982. "Optimal pricing, use, and exploration of uncertain natural resource stocks," Journal of Environmental Economics and Management, Elsevier, vol. 9(1), pages 1-10, March.
- Sinn, Hans-Werner, 1981. "The theory of exhaustible resources," Munich Reprints in Economics 19910, University of Munich, Department of Economics.
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- Eswaran, Mukesh & Lewis, Tracy R, 1984. "Appropriability and the Extraction of a Common Property Resource," Economica, London School of Economics and Political Science, vol. 51(204), pages 393-400, November.
- Reinganum, Jennifer F & Stokey, Nancy L, 1985. "Oligopoly Extraction of a Common Property Natural Resource: The Importance of the Period of Commitment in Dynamic Games," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 26(1), pages 161-173, February.
- John M. Hartwick, 1983.
"Learning about and Exploiting Exhaustible Resource Deposits of Uncertain Size,"
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- John Hartwick, 1981. "Learning About and Exploiting Exhaustible Resource Deposits of Uncertain Size," Working Papers 456, Queen's University, Department of Economics.
- Pindyck, Robert S, 1980. "Uncertainty and Exhaustible Resource Markets," Journal of Political Economy, University of Chicago Press, vol. 88(6), pages 1203-1225, December.
- Sinn, Hans-Werner, 1984. "Common Property Resources, Storage Facilities and Ownership Structures: A Cournot Model of the Oil Market," Economica, London School of Economics and Political Science, vol. 51(23), pages 235-252, August.
- Gilbert, Richard J, 1977. "Resource Extraction with Differential Information," American Economic Review, American Economic Association, vol. 67(1), pages 250-254, February. Full references (including those not matched with items on IDEAS)
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