Stochastic differential game model of a common property fishery

Journal of Optimization Theory and Applications

Volumn 90, Issue 2, 1996, Pages 381-403

  Jorgensen S ^a   Yeung, D W K ^b,c  

^a UNIVERSITY OF SOUTHERN DENMARK   (Denmark)

^b UNIVERSITY OF HONG KONG   (Hong Kong)

^c NATIONAL UNIVERSITY OF SINGAPORE   (Singapore)

Author keywords

Hamilton jacobi bellman equations; Markov strategies; Nash equilibrium; Renewable natural resources; Stochastic differential games

Indexed keywords

COMPUTATION THEORY; DYNAMIC PROGRAMMING; GAME THEORY; NATURAL RESOURCES; SENSITIVITY ANALYSIS; STOCHASTIC MODELS; STOCHASTIC SYSTEMS;

CLOSED-FORM EXPRESSION; COMMERCIAL FISHERIES; COMMON PROPERTY; DIFFERENTIAL GAME MODELS; HAMILTON JACOBI BELLMAN EQUATION; MARKOV STRATEGY; NASH EQUILIBRIA; RENEWABLE NATURAL RESOURCE; STOCHASTIC DIFFERENTIAL GAME; VALUE FUNCTIONS;

FISHERIES;

EID: 0030490218     PISSN: 00223239     EISSN: None     Source Type: Journal    
DOI: 10.1007/BF02190004     Document Type: Article

References (28)

1. CLARK, C. W., Mathematical Bioeconomics: The Optimal Management of Renewable Resources, John Wiley, New York, New York, 1976.
2. CLARK, C. W., Restricted Access to Common-Property Fishery Resources: A Game Theoretic Analysis, Dynamic Optimization and Mathematical Economics, Edited by P. T. Liu, Plenum Press, New York, New York, pp. 117-132, 1980.
3. LEVHARI, D., and MIRMAN, L. J., The Great Fish War: An Example Using a Dynamic Cournot-Nash Solution, Bell Journal of Economics, Vol. 11, pp. 322-334, 1980.
4. CHIARELLA, C., KEMP, M. C., VAN LONG, N., and OKUGUCHI, K., On the Economics of International Fisheries, International Economic Review, Vol. 25, pp. 85-92, 1984.
5. DOCKNER, E. J., and KAITALA, V., On Efficient Equilibrium Solutions in Dynamic Games of Resource Management, Resources and Energy, Vol. 11, pp. 23-34, 1989.
6. CLEMHOUT, S., and WAN, H. Y., JR., Dynamic Common Property Resources and Environmental Problems, Journal of Optimization Theory and Applications, Vol. 46, pp. 471-481, 1985.
7. CLEMHOUT, S., and WAN, H. Y., JR., Cartelization Conserves Endangered Species?, Optimal Control Theory and Economic Analysis, Edited by G. Feichtinger, North Holland, Amsterdam, Netherlands, Vol. 2, pp. 549-568, 1985.
8. CLEMHOUT, S., and WAN, H. Y., JR., Environmental Problems as a Common Property Resource Game, Dynamic Games in Economic Analysis, Edited by R. Hämäläinen and H. Ehtamo, Springer, Berlin, Germany, pp. 132-154, 1991.
9. CLEMHOUT, S., and WAN, H. Y., JR., The Nonuniqueness of Markovian Strategy Equilibrium: The Case of Continuous-Time Models for Nonrenewable Resources, Advances in Dynamic Games and Applications, Edited by T. Basar and A. Haurie, Birkhäuser, Boston, Massachusetts, pp. 339-355, 1994.
10. CLEMHOUT, S., and WAN, H. Y., JR., Differential Games: Economic Applications, Handbook of Game Theory, Edited by R. J. Aumann and S. Hart, Elsevier Science, Amsterdam, Netherlands, Vol. 2, pp. 801-825, 1994.
11. FISCHER, R., and MIRMAN, L., Strategic Dynamic Interaction: Fish Wars, Journal of Economic Dynamics and Control, Vol. 16, pp. 267-287, 1992.
12. JØRGENSEN, S., and SORGER, G., Feedback Nash Equilibria in a Problem of Optimal Fishery Management, Journal of Optimization Theory and Applications, Vol. 64, pp. 293-310, 1990.
13. KAITALA, V., Nonuniqueness of No-Memory Feedback Equilibria in a Fishery Resource Game, Automatica, Vol. 25, pp. 587-592, 1989.
14. KAITALA, V., Equilibria in a Stochastic Resource Management Game under Imperfect Information, European Journal of Operational Research, Vol. 71, pp. 439-453, 1993.
15. PLOURDE, C., and YEUNG, D., Harvesting of a Transboundary Replenishable Fish Stock: A Noncooperative Game Solution, Marine Resource Economics, Vol. 6, pp. 57-71, 1989.
16. REINGANUM, J. F., and STOKEY, N. L., Oligopoly Extraction of a Common Property Natural Resource: The Importance of the Period of Commitment in Dynamic Games, International Economic Review, Vol. 26, pp. 161-173, 1985.
17. DOCKNER, E. J., FEICHTINGER, G., and JØRGENSEN, S., Tractable Classes of Nonzero-Sum, Open-Loop Nash Differential Games : Theory and Examples, Journal of Optimization Theory and Applications, Vol. 45, pp. 181-197, 1985.
18. THÉPOT, J., On the Multiplicity of Perfect Equilibria in a Dynamic Oligopoly, Economics Letters, Vol. 24, pp. 127-131, 1987.
19. KAITALA, V., HÄMÄLÄINEN, R., and RUUSUNEN, J., On the Analysis of Equilibria and Bargaining in a Fishery Game, Optimal Control Theory and Economic Analysis, Edited by G. Feichtinger, North Holland, Amsterdam, Netherlands, Vol. 2, pp. 593-606, 1985.
20. BENHABIB, J., and RADNER, R., The Joint Exploitation of a Productive Asset: A Game Theoretic Approach, Economic Theory, Vol. 2, pp. 155-190, 1992.
21. SUNDARAM, R. K., Perfect Equilibrium in Nonrandomized Strategies in a Class of Symmetric Dynamic Games, Journal of Economic Theory, Vol. 47, pp. 153-177, 1989.
22. DUTTA, P. K., and SUNDARAM, R., Markovian Equilibrium in a Class of Stochastic Games: Existence Theorems for Discounted and Undiscounted Models, Economic Theory, Vol. 2, pp. 197-214, 1992.
23. DOCKNER, E. J., FEICHTINGER, G., and MEHLMANN, A., Noncooperative Solutions for a Differential Game Model of a Fishery, Journal of Economic Dynamics and Control, Vol. 13, pp. 1-20, 1989.
24. KRAWCZYK, J. B., and TOLWINSKI, B., A Cooperative Solution for the Three-Nation Problem of Exploitation of the Southern Bluefin Tuna, IMA Journal of Mathematics Applied in Medicine and Biology, Vol. 10, pp. 135-147, 1993.
25. BASAR, T., and OLSDER, G. J., Dynamic Noncooperative Game Theory, Academic Press, New York, New York, 1982.
26. HAURIE, A., KRAWCZYK, J., and ROCHE, M., Monitoring Cooperative Equilibria in a Stochastic Differential Game, Journal of Optimization Theory and Applications, Vol. 81, pp. 73-95, 1994.
27. JØRGENSEN, S., and YEUNG, D. W. K., A Stochastic Differential Game Model of A Common Property Fishery, Report, Department of Management, School of Business and Economics, Odense University, Odense, Denmark, 1995.
28. HÄMÄLÄINEN, R. P., and KAITALA, V., A Game on the Choice of Policy Variables in a Dynamic Resource Management Game, Proceedings of the 21st IEEE Conference on Decision and Control, Vol. 1, pp. 181-185, 1982.