Fesselmeyer, Eric; Santugini, Marc - Institut d'Économie Appliquée, HEC Montréal (École … - 2009
We study the effect of environmental risk on the extraction of a common resource. Using a dynamic and non-cooperative game in which an environmental event impacts both the renewability (the future quantity) and the quality of the resource, we show that the anticipation of such an event has an...