We consider a neoclassical growth model in which the society consists of two classes (capitalists and workers). The capitalists consume part of their income and save the rest, whereas the workers are assumed to consume their entire income immediately without saving anything. The governement can...

A standard model of the exploitation of a renewable resource by non-cooperating agents is considered. Under the assumption that the resource is sufficiently productive we prove that there exist infinitely many Markov-perfect Nash equilibria (MPNE). Although these equilibria lead to...