Integration of Path-Dependency in a Simple Learning Model: The Case of Marine Resources
Narine Udumyan (),
Juliette Rouchier () and
Dominique Ami ()
Computational Economics, 2014, vol. 43, issue 2, 199-231
Overexploitation of renewable resources, and more particularly fisheries, is often driven by the lack of information about the state and dynamics of the resource. A solution to this problem stemming from the resource users is proposed in this paper. We use an agent-based model composed of a bio-economic model of Gordon–Schaefer where agents make choices following a very simple learning model. We modify the Roth–Erev learning model so that agents explain their profit not only by current action but also by past action. This modification radically changes the dynamics of the resource use, which turns out to be sustainable. Copyright Springer Science+Business Media New York 2014
Keywords: Natural resources; Agent-based simulation; Roth–Erev model; Incomplete information; Bioeconomic model of fishery (search for similar items in EconPapers)
References: View references in EconPapers View complete reference list from CitEc
Citations View citations in EconPapers (1) Track citations by RSS feed
Downloads: (external link)
Access to full text is restricted to subscribers.
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:kap:compec:v:43:y:2014:i:2:p:199-231
Ordering information: This journal article can be ordered from
http://www.springer. ... ry/journal/10614/PS2
Access Statistics for this article
Computational Economics is currently edited by Hans Amman
More articles in Computational Economics from Springer, Society for Computational Economics Contact information at EDIRC.
Bibliographic data for series maintained by Sonal Shukla ().