A note on an equilibrium in the great fish war game

Andrzej Nowak

Economics Bulletin, 2006, vol. 17, issue 2, 1-10

Abstract: The great fish war game by Levhari and Mirman is studied under the limiting average utility criterion. It turns out that a stationary equilibrium in this game has a turnpike property, leads to higher steady state compared with those of discounted games but gives a higher steady state consumption. The convergence of the equilibrium functions in the finite horizon games to an equilibrium function in the infinite horizon discounted game is also proved.

Keywords: Dynamic; resource; extraction; game (search for similar items in EconPapers)
JEL-codes: C7 Q2 (search for similar items in EconPapers)
Date: 2006-03-23
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Citations: View citations in EconPapers (5)

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