search query: @author Sorger, G. / total: 10
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| Author: | Sorger, G. |
| Title: | Markov-perfect Nash equilibria in a class of resource games |
| Journal: | Economic Theory
1998 : VOL. 11:1, p. 79-100 |
| Index terms: | ECONOMICS NATURAL RESOURCES GAMES |
| Language: | eng |
| Abstract: | A general model of non-cooperating agents exploiting a renewable resource is considered. Assuming that the resource is sufficiently productive, the author proves that there exists a continuum of Markov-perfect Nash equilibria (MPNE). Although these equilibria lead to over-exploitation one can approximate the efficient solution by MPNE both in the state space and the payoff space. Furthermore, the author derives a necessary and sufficient condition for maximum exploitation of the resource. |
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