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Golden rule in cooperative commons

Author

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  • Sjur Didrik Flam

    (University of Bergen, Norway)

Abstract

This paper considers common use of natural, renewable resources. It identifies good prospects for efficiency and welfare. To be precise, a core outcome -- hence cooperation -- can be secured over time by principal planning of total quotas, and in time by agents who share these in short-term markets. Information flows in two directions: to the principal as market prices and from him as total quantities. Of particular interest is eventual convergence to a golden-rule, steady state.

Suggested Citation

  • Sjur Didrik Flam, 2023. "Golden rule in cooperative commons," The Journal of Mechanism and Institution Design, Society for the Promotion of Mechanism and Institution Design, University of York, vol. 8(1), pages 57-74, December.
    • Handle: RePEc:jmi:articl:jmi-v8i1a2
    DOI: 10.22574/jmid.2023.12.002
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    Renewable resources; commons; golden rule.;
    All these keywords.

    JEL classification:

    • D02 - Microeconomics - - General - - - Institutions: Design, Formation, Operations, and Impact
    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions
    • P13 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Cooperative Enterprises
    • Q22 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Fishery

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