Strategic exploitation of a common resource under environmental risk
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 the renewability and the quality of the resource, we show that the anticipation of such an event has an ambiguous effect on extraction an...
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2013
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sg-smu-ink.cis_research-10122022-10-21T03:14:01Z Strategic exploitation of a common resource under environmental risk FESSELMEYER, Eric SANTUGINI, Marc 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 the renewability and the quality of the resource, we show that the anticipation of such an event has an ambiguous effect on extraction and the tragedy of the commons. A risk of a reduction in the renewability induces the agents to extract less today while a risk of a deterioration in the quality has the opposite effect. Moreover, when environmental risk induces conservation, the tragedy of the commons is worsened. (C) 2012 Elsevier B.V. All rights reserved. 2013-01-01T08:00:00Z text application/pdf https://ink.library.smu.edu.sg/cis_research/13 info:doi/10.1016/j.jedc.2012.06.010 https://ink.library.smu.edu.sg/context/cis_research/article/1012/viewcontent/1_s2.0_S0165188912001467_main.pdf http://creativecommons.org/licenses/by-nc-nd/4.0/ Research Collection College of Integrative Studies eng Institutional Knowledge at Singapore Management University Conservation Dynamic games Environmental risk Renewable resources Tragedy of the commons Cultural Resource Management and Policy Analysis Environmental Policy |
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Singapore Management University |
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SMU Libraries |
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Asia |
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Singapore Singapore |
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| topic |
Conservation Dynamic games Environmental risk Renewable resources Tragedy of the commons Cultural Resource Management and Policy Analysis Environmental Policy |
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Conservation Dynamic games Environmental risk Renewable resources Tragedy of the commons Cultural Resource Management and Policy Analysis Environmental Policy FESSELMEYER, Eric SANTUGINI, Marc Strategic exploitation of a common resource under environmental risk |
| description |
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 the renewability and the quality of the resource, we show that the anticipation of such an event has an ambiguous effect on extraction and the tragedy of the commons. A risk of a reduction in the renewability induces the agents to extract less today while a risk of a deterioration in the quality has the opposite effect. Moreover, when environmental risk induces conservation, the tragedy of the commons is worsened. (C) 2012 Elsevier B.V. All rights reserved. |
| format |
text |
| author |
FESSELMEYER, Eric SANTUGINI, Marc |
| author_facet |
FESSELMEYER, Eric SANTUGINI, Marc |
| author_sort |
FESSELMEYER, Eric |
| title |
Strategic exploitation of a common resource under environmental risk |
| title_short |
Strategic exploitation of a common resource under environmental risk |
| title_full |
Strategic exploitation of a common resource under environmental risk |
| title_fullStr |
Strategic exploitation of a common resource under environmental risk |
| title_full_unstemmed |
Strategic exploitation of a common resource under environmental risk |
| title_sort |
strategic exploitation of a common resource under environmental risk |
| publisher |
Institutional Knowledge at Singapore Management University |
| publishDate |
2013 |
| url |
https://ink.library.smu.edu.sg/cis_research/13 https://ink.library.smu.edu.sg/context/cis_research/article/1012/viewcontent/1_s2.0_S0165188912001467_main.pdf |
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