Cornes, Richard; Long, Ngo Van; Shimomura, Koji - Centre Interuniversitaire de Recherche en Analyse des … - 2000
We model the non-cooperative choice of levels of inputs whose current usage results in the future decline in their effectiveness. We show that there are multiple equilibria that are Pareto rankable. Compared with the social optimum, lack of cooperation implies excessive use of input, leading to...