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Renewable resource modeling is usually characterized by different time scales where some state variables such as biomass may evolve relatively faster than other state variables such as carrying capacity. A strong form of time scale separation (STSS) means that a slowly changing variable is treated as constant over time. Management rules that assume STSS do not account for a time scale externality and this may induce inefficiencies in resource management. In the current work, we study multispecies resource management under time scale separation by adopting the framework of singular perturbation reduction methods. By extending recent work by Vardas and Xepapadeas [2015] to interacting populations, we study regulation with full internalization of the time scale externality. We further study regulation and noncooperative outcomes under STSS and identify deviations in harvesting and biomass paths among these cases. Deviations indicate the inefficiencies associated with adopting STSS.
We study the evolution of compliance and regulation in a common pool resource setup with myopic appropriators whose decision on whether to comply or not with the harvesting rule is a result of imitation as described by a proportional rule. The regulator …rst sets the optimal quota and then harvesters can choose between compliance and violation. We investigate myopic regulation and optimal regulation regimes with both proportional and non-proportional …ne formulation and and an endogenized probability of audition. The equilibria are then characterized in terms of their stability properties.
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