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- W1967461943 abstract "The paper considers equilibrium solutions in a stochastic resource management game. The countries choose frequently between cooperative and noncooperative (retaliation) modes of play. The choices between cooperative and noncooperative subgames are based on imperfect estimates of the fishing efforts (fleet sizes) of the co-harvesting country during the previous period. If either of the countries concludes that the fishing activity of the co-harvesting country has been too intensive during the previous period, i.e., the estimated fishing effort exceeds a trigger value, then either a noncooperative retaliation period follows or cooperation is continued. After a noncooperative period the countries begin to cooperate once again. It is shown that equilibria in which cooperative and noncooperative periods alternate can occur in dynamic games. Different types of equilibria for the game exist; the countries may be able to sustain efficient cooperation all the time, they may oscillate between cooperation and noncooperation, or they may fail to cooperate at all. Conditions under which an equilibrium coincides with a Pareto optimal solution are studied." @default.
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- W1967461943 date "1993-12-01" @default.
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- W1967461943 title "Equilibria in a stochastic resource management game under imperfect information" @default.
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- W1967461943 doi "https://doi.org/10.1016/0377-2217(93)90351-m" @default.
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