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Observability of Private Assets in A Dynamic Common-Pool Problem: A Note

Author

Listed:
  • Tenryu , Yohei

    (University of Niigata Prefecture, Japan)

Abstract

This paper analyzes a multiple-agent economy where each agent can access the common and private capital stocks but not others’ private capital. Relaxing the assumption imposed in the models of Tornell and Velasco (1992) and Tornell and Lane (1999), the paper treats general linear Markov strategies for consumption and appropriation. Considering the situation in which each agent can observe and is interested in the opponents’ private capital stocks, the paper finds a new equilibrium candidate. However, since this candidate does not have subgame perfectness, it is shown that the Markov perfect equilibrium obtained in the previous literature is unique.

Suggested Citation

  • Tenryu , Yohei, 2025. "Observability of Private Assets in A Dynamic Common-Pool Problem: A Note," Journal of Economic Development, The Economic Research Institute, Chung-Ang University, vol. 50(1), pages 65-78, March.
    • Handle: RePEc:ris:jecdev:0108
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    More about this item

    Keywords

    Differential Game; Markov Perfect Equilibrium; Common-Pool Problem; Informal Sector; The Voracity Effect;
    All these keywords.

    JEL classification:

    • C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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