A dynamic common resource model : Stochastic shocks and consumption externalities

Material type: 文書・図像類

Author: Watanabe, Riku

Publisher: Graduate School of Economics, Osaka University

Publication date: 2024-09

Material Format: Paper

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Note (General)：: This study introduces uncertainty into a simple growth model of common capital accumulation by considering consumption externalities. We consider two ...

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Paper

Material Type: 文書・図像類
Title: A dynamic common resource model : Stochastic shocks and consumption externalities
Author/Editor: Watanabe, Riku
Author Heading: Watanabe, Riku
Publication, Distribution, etc.: Graduate School of Economics, Osaka University
Publication Date: 2024-09
Publication Date (W3CDTF): 2024-09
Periodical title: Discussion Papers In Economics And Business
No. or year of volume/issue: 24-09
Volume: 24-09
Pages: 1-26
Text Language Code: eng
Subject Heading: Stochastic differential games
Resource extraction
Consumption externalities
Markov-perfect Nash equilibrium
Target Audience: 一般
Note (General): This study introduces uncertainty into a simple growth model of common capital accumulation by considering consumption externalities. We consider two equilibrium concepts, including the Markov-perfect Nash equilibrium and cooperative solution, and examine how uncertainty affects the difference in the growth of common capital. Our results show that individuals’ attitudes toward uncertainty change depending on the consumption externality type. Consumption externality types exist wherein the expected growth rate of common capital increases as uncertainty increases. We conclude that the problem of the “tragedy of the commons” is improved by greater uncertainty if individuals demonstrate jealousy and “keeping up with the Joneses,” or admiration and “running away from the Joneses.”
References (URI): URI
https://www2.econ.osaka-u.ac.jp/econ_society/dp/2409.pdf
Data Provider (Database): 国立情報学研究所 : 学術機関リポジトリデータベース（IRDB）（機関リポジトリ）
https://irdb.nii.ac.jp
Original Data Provider (Database): 大阪大学 : 大阪大学学術情報庫　桜華