Rowat, Colin; Dutta, Jayasri - Department of Economics, University of Birmingham - 2005
We explore a dynamic commons problem and assess the welfare consequences of access to capital markets. The commons has … to the commons, encouraging its depletion. A sufficient condition for autarky to dominate market access for some levels … may arise: these result from market access, not the equilibrium concept. Key words: commons, capital markets, Washington …