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Full-Text Articles in Social and Behavioral Sciences
Sequential Games Of Resource Extraction: Existence Of Nash Equilibria, Rabah Amir
Sequential Games Of Resource Extraction: Existence Of Nash Equilibria, Rabah Amir
Cowles Foundation Discussion Papers
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.
Resources, Technology, And Development: Will The Table Be Bare When Poor Countries Get There?, William D. Nordhaus
Resources, Technology, And Development: Will The Table Be Bare When Poor Countries Get There?, William D. Nordhaus
Cowles Foundation Discussion Papers
This paper discusses the net effect of these two economic forces on developing countries: Is the drag to economic advance from dwindling resources outweighed by the accompanying technological advances? Or will the potential scarcity of resources during the next century on balance weigh down the pace of economic progress?