Games and Resources

22 Pages Posted: 11 Nov 2012 Last revised: 7 Feb 2021

See all articles by Bård Harstad

Bård Harstad

University of Oslo - Department of Economics

Matti Liski

Aalto University - Department of Economics

Date Written: November 2012

Abstract

This article presents a sequence of simple and related models to analyze the strategic use of natural resources. Game theory is the natural tool for such an analysis, whether the resource is private or publicly owned, whether it is renewable or exhaustible, whether the game is static or dynamic, and whether or not the users can strategically invest in technologies. Equilibrium extraction is too large and comes too early for public resources, but the opposite is true for private resources. The effects add up nicely when the resource has both private and public-good aspects.

Suggested Citation

Harstad, Bard and Liski, Matti, Games and Resources (November 2012). NBER Working Paper No. w18519, Available at SSRN: https://ssrn.com/abstract=2173620

Bard Harstad (Contact Author)

University of Oslo - Department of Economics ( email )

P.O. Box 1095 Blindern
N-0317 Oslo
Norway

HOME PAGE: http://www.sv.uio.no/econ/english/people/aca/bardh/

Matti Liski

Aalto University - Department of Economics ( email )

PO Box 1210
FI-00101 Helsinki
Finland
+358-9-43138384 (Phone)
+358-9-43138735 (Fax)

HOME PAGE: http://www.hkkk.fi/~liski

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