Managing Interacting Populations under Time Scale Separation
Giannis Vardas () and
Anastasios Xepapadeas ()
No 1510, DEOS Working Papers from Athens University of Economics and Business
Renewable resource modelling is usually characterized by different time scales where some state variables such as biomass may evolve relatively faster than other state variables such as carrying capacity. Ignoring this time scale separation means that a slowly changing variable is treated as constant over time. Management rules that ignore time scale separation do not account for a time scale externality and this may induce inefficiencies in resource management. In the current work, we study multispecies resource management under time scale separation by adopting the framework of singular perturbation reduction methods. By extending recent work by Vardas and Xepapadeas (2015) to interacting populations, we study regulation with full internalization of the time scale externality. We further study regulation and noncooperative outcomes when the time scale separation is ignored, and identify deviations in harvesting and biomass paths among these cases. Deviations indicate the inefficiencies associated with ignoring time scale separation.
Keywords: interacting populations; resource harvesting; fast slow dynamics; singular perturbation; regulation; open loop Nash equilibrium (search for similar items in EconPapers)
JEL-codes: D81 Q20 (search for similar items in EconPapers)
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