The paper presents a model of world economy with two countries where one of them dubbed home sells the exhaustible resource to final producers in both countries, which compete at the final goods market. The interaction between final producers is reached via the sticky price mechanics, whereas...

We reformulate the Verhulst-Lotka-Volterra model of natural resource extraction under the alternative assumptions of Cournot behaviour and perfect competition, to revisit the tragedy of commons vs the possibility of sustainable harvesting. We stress the different impact of demand elasticity on...