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A Differential Game for Renewable Resource Extraction Asymmetric Players and Asynchronous Horizons

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  • Luca Grilli

Abstract

In this paper we study a differential game, for resource extraction of a renewable good, in which players are overlapping generations of extractors. The framework of overlapping generation allows us to consider intragenerational (players in the same generation) and intergenerational (players in different generations) game equilibrium. We consider the case in which players, even if identical, face competition in an asymmetric way. Since we consider overlapping generations, players have asynchronous horizons, in contrast with a number of studies in intertemporal exploitation of resources in which players have identical time horizons.

Suggested Citation

  • Luca Grilli, 2004. "A Differential Game for Renewable Resource Extraction Asymmetric Players and Asynchronous Horizons," Quaderni DSEMS lg_cart_2004, Dipartimento di Scienze Economiche, Matematiche e Statistiche, Universita' di Foggia.
    • Handle: RePEc:ufg:qdsems:lg_cart_2004
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    References listed on IDEAS

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    1. Luca Grilli, 2003. "Resource extraction activity: an intergenerational approach," Quaderni DSEMS 01-2003, Dipartimento di Scienze Economiche, Matematiche e Statistiche, Universita' di Foggia.
    2. D. W. K. Yeung, 2000. "Feedback Solution of a Class of Differential Games with Endogenous Horizons," Journal of Optimization Theory and Applications, Springer, vol. 106(3), pages 657-675, September.
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    10. Dockner, Engelbert & Feichtinger, Gustav & Mehlmann, Alexander, 1989. "Noncooperative solutions for a differential game model of fishery," Journal of Economic Dynamics and Control, Elsevier, vol. 13(1), pages 1-20, January.
    11. Kaitala, Veijo, 1993. "Equilibria in a stochastic resource management game under imperfect information," European Journal of Operational Research, Elsevier, vol. 71(3), pages 439-453, December.
    12. Burton Peter S., 1993. "Intertemporal Preferences and Intergenerational Equity Considerations in Optimal Resource Harvesting," Journal of Environmental Economics and Management, Elsevier, vol. 24(2), pages 119-132, March.
    13. Carrera, Carmen & Moran, Manuel, 1995. "General dynamics in overlapping generations models," Journal of Economic Dynamics and Control, Elsevier, vol. 19(4), pages 813-830, May.
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    16. Mourmouras, Alex, 1993. "Conservationist government policies and intergenerational equity in an overlapping generations model with renewable resources," Journal of Public Economics, Elsevier, vol. 51(2), pages 249-268, June.
    17. Masatoshi Yoshida, 1998. "Nash Equilibrium Dynamics of Environmental and Human Capital," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 5(3), pages 357-377, July.
    18. D. W. K. Yeung, 2001. "Infinite-Horizon Stochastic Differential Games with Branching Payoffs," Journal of Optimization Theory and Applications, Springer, vol. 111(2), pages 445-460, November.
    19. Kemp, Murray C & Long, Ngo Van, 1983. "On the Economics of Forests," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 24(1), pages 113-131, February.
    20. Luca Grilli, 2003. "Giochi Differenziali con Orizzonti Asincroni e Applicazioni alla Gestione delle Risorse Rinnovabili," Quaderni DSEMS lg_phd_2003, Dipartimento di Scienze Economiche, Matematiche e Statistiche, Universita' di Foggia.
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    Cited by:

    1. Luca Grilli, 2004. "A Stackelberg Differential Game with Overlapping Generations," Quaderni DSEMS lg_elx_2004, Dipartimento di Scienze Economiche, Matematiche e Statistiche, Universita' di Foggia.

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    More about this item

    Keywords

    Feedback Nash Equilibrium; resource extraction; overlapping generations; asynchronous horizon; asymmetric players.;
    All these keywords.

    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • Q20 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - General

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