Showing 1 - 2 of 2
Competitive agents extract in continuous time from a commons. Capital market access allows them to both save and borrow against their extraction stream. When the commons asset grows more quickly than the privately stored one, multiple equilibria are found for intermediate commons endowments. One...
Persistent link: https://www.econbiz.de/10005342247
Persistent link: https://www.econbiz.de/10007609510