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| Title: | | A small Fish War: an example with frequency-dependent stage payoffs  |
| Authors: | | Joosten, Reinoud |
| Issue Date: | | 2005 |
| Series/Report no.: | | Papers on economics & evolution 0506 |
| Abstract: | | Two agents possess the fishing rights to a lake. Each period they have two options, to catch without restraint, e.g., to use a fine-mazed net, or to catch with some restraint, e.g., to use a wide-mazed net. The use of a fine-mazed net always yields a higher immediate catch than the alternative. The present catches depend on the behavior of the agents in the past. The more often the agents have used the fine- mazed net in the past, the lower the present catches are independent from the type of nets being used. We determine feasible rewards and provide (subgame perfect) equi- libria for the limiting average reward criterion using methods inspired by the repeated-games literature. Our analysis shows that a 'tragedy of the commons' can be averted, as sustainable Pareto-efficient outcomes can be supported by subgame perfect equilibria. |
| Subjects: | | games with frequency-dependent stage payoffs limiting average reward equilibria renewable common-pool resources |
| JEL: | | C73 C72 Q22 Q20 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Papers on Economics and Evolution, MPI für Ökonomik
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| 2005-06.pdf | | 445.84 kB | Adobe PDF |
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