Evolutionary Dynamics in Heterogenous Oligopolies for the Exploitation of Renewable Natural Resources

Gian Italo Bischi () and Lucia Sbragia ()
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Gian Italo Bischi: Departments of Economics, Society, Politics (DESP) - University of Urbino - Italy
Lucia Sbragia: Department of Economics - Durham University Business School - UK

Rivista Internazionale di Scienze Sociali, 2023, vol. 131, issue 1, 35-64

Abstract: In this paper we provide an overview of some dynamic oligopoly models proposed in the literature to describe the exploitation of a common pool renewable natural resource (e.g. the fisheries) when agents can switch between different harvesting strategies. We suggest a switching mechanism which is an alternative version of the discrete-time replicator dynamics based on expected profits and myopic imitation of the better performing behaviors, often denoted as exponential replicator. We finally provide a general framework for modeling situations where authorities allow for different alternative strategies to exploit a natural resource and agents can choose among such possibilities by updating their decisions at discrete times on the basis of profitability considerations.

Keywords: Bioeconomic Models; Oligopoly Games; Resource Exploitation; Replicator Dynamics (search for similar items in EconPapers)
JEL-codes: C60 C73 L13 Q22 Q57 (search for similar items in EconPapers)
Date: 2023
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