Sequential Games of Resource Extraction: Existence of Nash Equilibria

Rabah Amir ()

No 825, Cowles Foundation Discussion Papers from Cowles Foundation for Research in Economics, Yale University

Abstract: A general model for noncooperative extraction of common-property resource is considered. The main result is that this sequential game has a Nash equilibrium in stationary strategies. The proof is based on an infinite dimensional fixed-point theorem, and relies crucially on the topology of epi-convergence. A byproduct of the analysis is that Nash equilibrium strategies may be selected such that marginal propensities of consumption are bounded above by one.

Keywords: Sequential games; dynamic programming; fixed point theorem; Nash equilibrium; common property; natural resources; common property (search for similar items in EconPapers)
Pages: 26 pages
Date: 1987-03
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Citations: View citations in EconPapers (1)

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