| Article ID | Journal | Published Year | Pages | File Type |
|---|---|---|---|---|
| 973443 | Mathematical Social Sciences | 2006 | 10 Pages |
Abstract
A multigenerational dynamic game of resource extraction is considered. Each generation consists of m short-lived players who derive utilities from their own consumption and that of following generations. Assuming the Cobb–Douglas production, a Markov subgame perfect equilibrium is constructed and the equilibrium path is analyzed. The model can also be described in terms of the standard dynamic game of resource extraction with m hyperbolic players whose preferences change over time.
Keywords
Related Topics
Physical Sciences and Engineering
Mathematics
Applied Mathematics
Authors
Andrzej S. Nowak,