We study extinction in a commons problem in which agents have access to capital markets. When the commons grows more … quickly than the interest rate, multiple equilibria are found for intermediate commons endowments. In one of these, extinction …' equilibrium, increases it in the other equilibrium in which the commons is eventually depleted, and expands the set of commons …

We study extinction in a commons problem in which agents have access to capital markets. When the commons grows more … instantly depletes the commons. Without markets - the classic environment - equilibria are unique; extinction dates and welfare … quickly than the interest rate, multiple equilibria are found for intermediate commons endowments. In one of these, welfare …

We study extinction in a commons problem in which agents have access to capital markets. When the commons grows more … access instantly depletes the commons. Without markets - the classic environment - equilibria are unique; extinction dates … quickly than the interest rate, multiple equilibria are found for intermediate commons endowments. In one of these, welfare …

are found for intermediate commons endowments. One of these has the extinction date and welfare decrease in the endowment …, a resource curse. When the commons asset grows less quickly than the privately stored one, there is a unique extinction … finite extinction equilibrium and expands the set of commons stocks that are never extinguished …

We study extinction in a commons problem in which agents have access to capital markets. When the commons grows more … access instantly depletes the commons. Without markets - the classic environment - equilibria are unique; extinction dates … quickly than the interest rate, multiple equilibria are found for intermediate commons endowments. In one of these, welfare …

A tragedy of the commons appears when the users of a common resource have incentives to exploit it more than the … socially efficient level. We analyze the situation when the tragedy of the commons is embedded in a network of users and …