Joosten, Reinoud - In: The IUP Journal of Managerial Economics V (2007) 4, pp. 17-30
Two agents possess the fishing rights to a lake. Each period they have two options, to catch without restraint, e.g., to use a fine-mazed net, or to catch with some restraint, e.g., to use a wide-mazed net. The use of a fine-mazed net always yields a higher immediate catch than the alternative....