کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
959182 929165 2014 15 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Strategic exploitation with learning and heterogeneous beliefs
ترجمه فارسی عنوان
استثمار استراتژیک با یادگیری و باورهای ناهمگن
کلمات کلیدی
یادگیری، باورها، خوشبینی، ریسک پذیری
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
چکیده انگلیسی

We study the effect of learning with heterogeneous beliefs on the exploitation of a renewable common-pool resource. To that end, we extend the Great Fish War model of Levhari and Mirman (1980) to a learning environment in which several agents interact strategically and learn about the distribution of the stochastic evolution of the resource. We find that the effect of anticipation of learning with heterogeneous beliefs is twofold. First, the anticipation of learning makes future payoffs more uncertain, which induces the agents to decrease present exploitation due to the precautionary motive. Second, under heterogeneity of beliefs, there is a differential informational externality that induces the agents to increase or decrease present exploitation. We also perform a comparative analysis on the Cournot–Nash equilibrium with learning by studying the effect of optimism and riskiness on resource exploitation.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Environmental Economics and Management - Volume 67, Issue 2, March 2014, Pages 126–140
نویسندگان
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