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.
|Date of creation:||1985|
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- Gilbert, Richard J, 1977. "Resource Extraction with Differential Information," American Economic Review, American Economic Association, vol. 67(1), pages 250-54, February.
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- John M. Hartwick, 1983.
"Learning about and Exploiting Exhaustible Resource Deposits of Uncertain Size,"
Canadian Journal of Economics,
Canadian Economics Association, vol. 16(3), pages 391-410, August.
- John Hartwick, 1981. "Learning About and Exploiting Exhaustible Resource Deposits of Uncertain Size," Working Papers 456, Queen's University, Department of Economics.
- 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 235-52, August.
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