Journal ArticleDOI
Stochastic differential game model of a common property fishery
TLDR
In this paper, a stochastic differential game model of a common-property commercial fishery is presented and a feedback Nash equilibrium of the game is determined, where closed-form expressions for the value functions, the equilibrium harvesting strategies, and stationary distributions of the fish stock are derived.Abstract:
The paper presents a stochastic differential game model of a common-property commercial fishery and determines a feedback Nash equilibrium of the game. Closed-form expressions for the value functions, the equilibrium harvesting strategies, and stationary distributions of the fish stock are derived. Sensitivity analyses with respect tot he model parameters are carried out. The paper also considers equilibrium outcomes under joint maximization and surplus maximization. In the latter case, an optimal market size (i.e., number of firms) is identified.read more
Citations
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Journal ArticleDOI
Linear–Quadratic Uncertain Differential Game With Application to Resource Extraction Problem
Xiangfeng Yang,Jinwu Gao +1 more
TL;DR: A Max-Min theorem is provided in order to guarantee the saddle-point Nash equilibrium, and when the system dynamics is described by a linear uncertain differential equation and the performance index function is quadratic, the existence of saddle- point Nash equilibrium is obtained via the solvability of a corresponding Riccati equation.
Journal ArticleDOI
Dynamic Games in the Economics of Natural Resources: A Survey
TL;DR: Various extensions are considered, such as modeling the effects of the concern for relative performance on the over-exploitation of resources, and applying the tragedy of the commons paradigm to the declining effectiveness of antibiotics and pesticides.
Journal ArticleDOI
Uncertain differential games with application to capitalism
Xiangfeng Yang,Jinwu Gao +1 more
TL;DR: In this paper, an uncertain differential game model and its solution concept of feedback Nash equilibrium is proposed in order to investigate such a problem, and a sufficient condition is established to guarantee a feedback Nash equilibria of the game.
Journal ArticleDOI
Climate and Cooperation: A New Perspective on the Management of Shared Fish Stocks
TL;DR: In this article, the authors present evidence for the significance of climatic regime shifts and draw upon the recent history of conflict between Canada and the United States over Pacific salmon management to illustrate the dangers that unpredicted, unanticipated environmental regime shifts pose for efforts to maintain international cooperation.
Journal ArticleDOI
Subgame Consistent Cooperative Solutions in Stochastic Differential Games
TL;DR: In this paper, the payoff distribution procedure of a subgame consistent solution in stochastic differential games with transferable payoffs is derived analytically under different optimality principles.
References
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Book
Dynamic Noncooperative Game Theory
Tamer Basar,Geert Jan Olsder +1 more
TL;DR: In this paper, the authors present a general formulation of non-cooperative finite games: N-Person nonzero-sum games, Pursuit-Evasion games, and Stackelberg Equilibria of infinite dynamic games.
Journal ArticleDOI
Mathematical Bioeconomics: The Optimal Management of Renewable Resources.
TL;DR: In this article, the authors present a model for renewable-resource harvesting based on the Schaefer model with a focus on the one-dimensional control problem and its application to policy problems.
Book
Mathematical bioeconomics: The optimal management of renewable resources
TL;DR: In this paper, the authors present a model for renewable-resource harvesting based on the Schaefer model with a focus on the one-dimensional control problem and its application to policy problems.
Book ChapterDOI
The great fish war: an example using a dynamic Cournot-Nash solution
David Levhari,Leonard J. Mirman +1 more
TL;DR: In this article, a discrete-time analog of a differential game is presented to examine the dynamic and steady-state properties of the fish population that results from the participants' interactions.