Document Type
Discussion Paper
Publication Date
3-1-1987
CFDP Number
825
CFDP Pages
26
Abstract
A general model for noncooperative extraction of common-property resource is considered. The main result is that this sequential game has a Nash equilibrium in stationary strategies. The proof is based on an infinite dimensional fixed-point theorem, and relies crucially on the topology of epi-convergence. A byproduct of the analysis is that Nash equilibrium strategies may be selected such that marginal propensities of consumption are bounded above by one.
Recommended Citation
Amir, Rabah, "Sequential Games of Resource Extraction: Existence of Nash Equilibria" (1987). Cowles Foundation Discussion Papers. 1068.
https://elischolar.library.yale.edu/cowles-discussion-paper-series/1068