An experimental study of a common property renewable resource game in continuous time

Tasneem, Dina; Engle‐Warnick, Jim; Benchekroun, Hassan

doi:10.1016/j.jebo.2017.05.008

Cited by 10 publications

(7 citation statements)

References 50 publications

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“…We thank Hassan Benchekroun for pointing this paper to us. 14 In Tasneem, Engle-Warnick and Benchekroun (2017) there is experimental evidence that players may choose both linear and nonlinear strategies. The theoretical model employed in Tasneem, Engle-Warnick and Benchekroun (2017) allows for multiple equilibria, providing a clear distinction between linear and nonlinear equilibria.…”

Section: Examples With Closed-form Solutionsmentioning

confidence: 99%

Symmetric Markovian Games of Commons with Potentially Sustainable Endogenous Growth

Hakobyan

Koulovatianos

2020

Dyn Games Appl

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Di¤erential games of common resources that are governed by linear accumulation constraints have several applications. Examples include political rent-seeking groups expropriating public infrastructure, oligopolies expropriating common resources, industries using speci…c common infrastructure or equipment, capital- ‡ight problems, pollution, etc. Most of the theoretical literature employs speci…c parametric examples of utility functions. For symmetric di¤erential games with linear constraints and a general time-separable utility function depending only on the player's control variable, we provide an exact formula for interior symmetric Markovian-strategies. This exact solution, (a) serves as a guide for obtaining some new closed-form solutions and for characterizing multiple equilibria, and (b)implies that, if the utility function is an analytic function, then the Markovian strategies are analytic functions, too. This analyticity property facilitates the numerical computation of interior solutions of such games using polynomial projection methods and gives potential to computing modi…ed game versions with corner solutions by employing a homotopy approach.

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Section: Examples With Closed-form Solutionsmentioning

confidence: 99%

Symmetric Markovian Games of Commons with Potentially Sustainable Endogenous Growth

Hakobyan

Koulovatianos

2020

Dyn Games Appl

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“…Tis study predicted that the mismanagement of environmental regimes with trade could lead to a decline in resource extinction. Following an exogenous shock, the economy could approach the steady-state stock level and welfare outcomes within specifc harvesting conditions (see also [31,32]).…”

Section: Introductionmentioning

confidence: 99%

The Stable Equilibrium Analysis of Nonlinear Renewable Resource Stock Evolution

Güven

İnançlı

2023

Journal of Mathematics

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This paper provides the formal proofs of propositions concerning the stability analysis of steady-state equilibrium in autarky with open-access renewable resources. We assume three different resource environments in which excessive harvesting, pollution, and simultaneous coexistence of these interacting pressures on resource stocks are considered. The propositions mentioned on J.A. Brander and M.S. Taylor, Open access renewable resources: trade and trade policy in a two-country model, Journal of International Economics, 44 (2), 181–209, 1998; B.R. Copeland and M.S. Taylor, Trade, spatial separation, and the environment, Journal of International Economics, 47 (1), 137–168, 1999; and H. A. Rus, Renewable resources, pollution and trade, Review of International Economics, 24 (2), 364–391, 2016 have been shown only on the diagrams and also implicitly explained. This paper aims to contribute the renewable open-access resources literature by providing formal solutions of stable equilibrium analysis in a closed economy within the long run.

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“…Tasneem et al. () study a DCP in continuous time and find that, while short‐term outcomes deviate from equilibrium, long‐term outcomes are better captured by such predictions. The findings in these papers suggest that when agents do not have substantial experience, Markov play specifically and equilibrium play more broadly may be less prevalent.…”

Section: Introductionmentioning

confidence: 99%

“…Given the intergenerational aspect, they only implement one repetition of the supergame and find cooperation rates that are higher than the ones I find toward the end of my sessions. Tasneem et al (2017) study a DCP in continuous time and find that, while short-term outcomes deviate from equilibrium, long-term outcomes are better captured by such predictions. The findings in these papers suggest that when agents do not have substantial experience, Markov play specifically and equilibrium play more broadly may be less prevalent.…”

Section: Introductionmentioning

confidence: 99%

An Experimental Investigation of Cooperation in the Dynamic Common Pool Game

Vespa¹

2020

Int Economic Review

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This article studies experimentally to what extent subjects can cooperate in a dynamic common pool game, where the stage game changes endogenously. Although efficiency can be supported with strategies that condition on history, the main finding is that it is difficult to cooperate. Even if the incentives to cooperate are large, modal behavior can be rationalized with equilibrium Markov strategies that do not condition on history. The popularity of Markov strategies, however, is decreasing in the incentives to cooperate. The evidence also suggests that strategic uncertainty added by facing stage games that change in time may move play away from efficiency.

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An experimental study of a common property renewable resource game in continuous time

Cited by 10 publications

References 50 publications

Symmetric Markovian Games of Commons with Potentially Sustainable Endogenous Growth

Symmetric Markovian Games of Commons with Potentially Sustainable Endogenous Growth

The Stable Equilibrium Analysis of Nonlinear Renewable Resource Stock Evolution

An Experimental Investigation of Cooperation in the Dynamic Common Pool Game

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