Many economic problems can be formulated as dynamic games in which strategically interacting agents choose actions that determine the current and future levels of a single capital stock. We study necessary conditions that allow us to characterize Markov perfect Nash equilibria (MPNE) for these...

We imbed a classic fishery model, where the optimal policy follows a Most Rapid Approach Path to a steady state, into an overlapping generations setting. The current generation discounts future generations' utility flows at a rate possibly different from the pure rate of time preference used to...

We consider a model of a fishery in which the dynamic of the unharvested fish population is given by the stochastic logistic growth equation. Similar as in the classical deterministic analogon, we assume that the fishery harvests the fish population following a constant effort strategy. In a...

We examine a model in which two firms strategically compete in a duopolistic product market. Firms produce a homogenous product and face stochastic industry demand. Each firm has a single option either to expand or contract capacity, and hence output. In this setup we analyze the risk...

In this paper, intraseasonal fishing is modeled as a differential game between fishermen in a total allowable catch-regulated fishery with and without individual fishing quotas (IFQs). Heterogeneous harvest values are included by incorporating time-specific harvest costs and a stock effect into...

According to international law, straddling fish stocks should preferably be managed cooperatively through regional fisheries management organizations (RFMOs). This paper analyzes the stability and success of these organizations through a game in partition function form based on the classical...

In this paper a dierential game model of renewable resource ex- ploitation is considered in which rms compete in exploiting a com- mon resource in a Bertrand price-setting game. The model character- izes a situation in which rms extract a common renewable resource which after harvesting may be...

This paper examines how non-binding co-operative agreements on marine fisheries management can be sustained when management plans in participating countries are implemented with error. The effects of implementation uncertainty on voluntary co-operation are compared to those of recruitment...

We test whether a descriptive norm-nudge is a suitable policy tool to increase cooperation in a social dilemma when decisions are taken by teams, not individuals. 10 Each team in our experiment comes from a different fishing boat at Lake Victoria, Tanzania. The provision of a norm-nudge is...

Preventing overfishing at Lake Victoria is a typical situation where policies have to rely on norm-based interventions to improve outcomes. Our lab-in-the-field experiment studies how information about high or low levels of previous cooperation affects the creation of social norms in a...