IDEAS home Printed from https://ideas.repec.org/p/kob/dpaper/177.html
   My bibliography  Save this paper

Common property resource and private capital accumulation with random jump

Author

Listed:
  • Masatoshi Fujisaki

    (University of Hyogo, Japan)

  • Seiichi Katayama

    (Research Institute for Economics & Business Administration (RIEB), Kobe University, Japan)

  • Hiroshi Ohta

    (Graduate School of International Cooperation Studies, Kobe University, Japan)

Abstract

In [6], Long and Katayama presented a model of exploitation of a common property resource, when agents can also invest in private and productive capital. They considered the case where the resource extracted from a common pool is non-renewable. In this paper, we try to extend their result to the case where the common pool is under uncertainty in the sense that it could have a sudden increase or decrease in the process of extraction and moreover we shall calculate the exhaustion probability.

Suggested Citation

  • Masatoshi Fujisaki & Seiichi Katayama & Hiroshi Ohta, 2005. "Common property resource and private capital accumulation with random jump," Discussion Paper Series 177, Research Institute for Economics & Business Administration, Kobe University.
    • Handle: RePEc:kob:dpaper:177
    as

    Download full text from publisher

    File URL: https://www.rieb.kobe-u.ac.jp/academic/ra/dp/English/dp177.pdf
    File Function: First version, 2005
    Download Restriction: no
    ---><---

    More about this item

    Keywords

    common property resource; private capital accumulation; pure jump process; exhaustion probability; HJB (Hamilton-Jacobi-Bellman) equation;
    All these keywords.

    JEL classification:

    • Q32 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Exhaustible Resources and Economic Development

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:kob:dpaper:177. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Office of Promoting Research Collaboration, Research Institute for Economics & Business Administration, Kobe University (email available below). General contact details of provider: https://edirc.repec.org/data/rikobjp.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.