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A note on an equilibrium in the great fish war game

Author

Listed:
  • Andrzej Nowak

    (Faculty of Mathematics, Computer Science and Econometrics, University of Zielona Gora)

Abstract

The great fish war game by Levhari and Mirman is studied under the limiting average utility criterion. It turns out that a stationary equilibrium in this game has a turnpike property, leads to higher steady state compared with those of discounted games but gives a higher steady state consumption. The convergence of the equilibrium functions in the finite horizon games to an equilibrium function in the infinite horizon discounted game is also proved.

Suggested Citation

  • Andrzej Nowak, 2006. "A note on an equilibrium in the great fish war game," Economics Bulletin, AccessEcon, vol. 17(2), pages 1-10.
    • Handle: RePEc:ebl:ecbull:eb-05q20009
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    File URL: http://www.accessecon.com/pubs/EB/2006/Volume17/EB-05Q20009A.pdf
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    References listed on IDEAS

    as
    1. Datta, Manjira & Mirman, Leonard J., 1999. "Externalities, Market Power, and Resource Extraction," Journal of Environmental Economics and Management, Elsevier, vol. 37(3), pages 233-255, May.
    2. Fischer, Ronald D. & Mirman, Leonard J., 1992. "Strategic dynamic interaction : Fish wars," Journal of Economic Dynamics and Control, Elsevier, vol. 16(2), pages 267-287, April.
    3. Łukasz Balbus & Andrzej S. Nowak, 2004. "Construction of Nash equilibria in symmetric stochastic games of capital accumulation," Mathematical Methods of Operations Research, Springer;Gesellschaft für Operations Research (GOR);Nederlands Genootschap voor Besliskunde (NGB), vol. 60(2), pages 267-277, October.
    4. Nowak, Andrzej S., 2006. "A multigenerational dynamic game of resource extraction," Mathematical Social Sciences, Elsevier, vol. 51(3), pages 327-336, May.
    5. Sundaram, Rangarajan K., 1989. "Perfect equilibrium in non-randomized strategies in a class of symmetric dynamic games," Journal of Economic Theory, Elsevier, vol. 47(1), pages 153-177, February.
    6. Dutta, Prajit K & Sundaram, Rangarajan K, 1993. "The Tragedy of the Commons?," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 3(3), pages 413-426, July.
    7. David Levhari & Leonard J. Mirman, 1980. "The Great Fish War: An Example Using a Dynamic Cournot-Nash Solution," Bell Journal of Economics, The RAND Corporation, vol. 11(1), pages 322-334, Spring.
    8. Andrzej Nowak, 2006. "On perfect equilibria in stochastic models of growth with intergenerational altruism," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 28(1), pages 73-83, May.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Elena Denisova & Andrey Garnaev, 2008. "Fish Wars: Cooperative and Non-Cooperative Approaches," Czech Economic Review, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, vol. 2(1), pages 028-040, March.
    2. Agnieszka Wiszniewska-Matyszkiel & Rajani Singh, 2020. "When Inaccuracies in Value Functions Do Not Propagate on Optima and Equilibria," Mathematics, MDPI, vol. 8(7), pages 1-25, July.
    3. Andrzej Nowak, 2006. "Remarks on sensitive equilibria in stochastic games with additive reward and transition structure," Mathematical Methods of Operations Research, Springer;Gesellschaft für Operations Research (GOR);Nederlands Genootschap voor Besliskunde (NGB), vol. 64(3), pages 481-494, December.
    4. Nowak, Andrzej S., 2008. "Equilibrium in a dynamic game of capital accumulation with the overtaking criterion," Economics Letters, Elsevier, vol. 99(2), pages 233-237, May.
    5. Breton, Michèle & Keoula, Michel Yevenunye, 2014. "A great fish war model with asymmetric players," Ecological Economics, Elsevier, vol. 97(C), pages 209-223.

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    More about this item

    Keywords

    Dynamic resource extraction game;

    JEL classification:

    • Q2 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation
    • C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory

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