Common property resource and private capital accumulation with random jump

Masatoshi Fujisaki, Seiichi Katayama and Hiroshi Ohta
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Masatoshi Fujisaki: University of Hyogo, Japan
Seiichi Katayama: Research Institute for Economics & Business Administration (RIEB), Kobe University, Japan
Hiroshi Ohta: Graduate School of International Cooperation Studies, Kobe University, Japan

No 177, Discussion Paper Series from Research Institute for Economics & Business Administration, Kobe University

Abstract: In [6], Long and Katayama presented a model of exploitation of a common property resource, when agents can also invest in private and productive capital. They considered the case where the resource extracted from a common pool is non-renewable. In this paper, we try to extend their result to the case where the common pool is under uncertainty in the sense that it could have a sudden increase or decrease in the process of extraction and moreover we shall calculate the exhaustion probability.

Keywords: common property resource; private capital accumulation; pure jump process; exhaustion probability; HJB (Hamilton-Jacobi-Bellman) equation (search for similar items in EconPapers)
JEL-codes: Q32 (search for similar items in EconPapers)
Pages: 15 pages
Date: 2005-08
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