Inter‐ and intragenerational renewableresource extraction

S. Jørgensen and D.W.K. Yeung

Annals of Operations Research, 1999, vol. 88, issue 0, 275-289

Abstract: The paper develops a differential game in which there are overlapping generationsof extractors of a renewable resource. We consider intragenerational as well as intergenerationalcompetition between extractors. An interesting feature of the game, which isnovel in differential games, is the asynchronous horizons of the players resulting fromoverlapping generations. A feedback Nash equilibrium characterizing the extraction rates ofthe generations is identified. In particular, the value functions and the equilibrium strategiesare obtained in closed form. An extension of the model to a stochastic model with randomresource stock dynamics is obtained. Copyright Kluwer Academic Publishers 1999

Date: 1999
References: Add references at CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
http://hdl.handle.net/10.1023/A:1018938631696 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:annopr:v:88:y:1999:i:0:p:275-289:10.1023/a:1018938631696

Ordering information: This journal article can be ordered from
http://www.springer.com/journal/10479

DOI: 10.1023/A:1018938631696

Access Statistics for this article

Annals of Operations Research is currently edited by Endre Boros

More articles in Annals of Operations Research from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().