A dynamic common resource model : Stochastic shocks and consumption externalities

Watanabe, Riku

Discussion Papers In Economics And Business, 2024, 24-09, 1-26

アクセス数:62件（2025-07-16 11:37 集計）

固定URL: https://hdl.handle.net/11094/98150

論文情報

ファイル出力 EndNote Basic出力 Mendeley出力

タイトル
A dynamic common resource model : Stochastic shocks and consumption externalities
著者
著者名
Watanabe, Riku
キーワード等
Stochastic differential games
Resource extraction
Consumption externalities
Markov-perfect Nash equilibrium
JEL分類コード (JEL)
C73
E21
Q20
抄録
This study introduces uncertainty into a simple growth model of common capital accumulation by considering consumption externalities. We consider two equilibrium concepts, including the Markov-perfect Nash equilibrium and cooperative solution, and examine how uncertainty affects the difference in the growth of common capital. Our results show that individuals’ attitudes toward uncertainty change depending on the consumption externality type. Consumption externality types exist wherein the expected growth rate of common capital increases as uncertainty increases. We conclude that the problem of the “tragedy of the commons” is improved by greater uncertainty if individuals demonstrate jealousy and “keeping up with the Joneses,” or admiration and “running away from the Joneses.”
出版者
Graduate School of Economics, Osaka University
収録物名
Discussion Papers In Economics And Business
巻(号)
24-09
ページ
1-26
刊行年月
2024-09
言語
英語
ハンドルURL
https://hdl.handle.net/11094/98150
関連情報 (references)
URI
https://www2.econ.osaka-u.ac.jp/econ_society/dp/2409.pdf
アクセス権
metadata only access
カテゴリ
ディスカッション／ワーキング・ペーパー DP/WP
Discussion Papers In Economics And Business