Uncertainty in a Fisherey Management Game

CentER Discussion Paper No. 2005-36

13 Pages Posted: 21 Apr 2005

Date Written: December 2004

Abstract

In this paper, we analyze the consequences of taking noise into account in a simple two person fishery management game. Both a stochastic and deterministic formulation are considered. Compared to the noise-free model it is shown that the used stochastic framework has no implications for the equilibrium actions, whereas in the deterministic formulation as well the number of as the equilibrium actions themselves depend on the model parameters. The various equilibrium actions predicted using the deterministic framework seem to be quite plausible.

Keywords: Linear quadratic differntial games, feedback information structure, soft-constrained Nash equilibrium, infinite planning horizon

JEL Classification: C61, C72, C73

Suggested Citation

Engwerda, Jacob C., Uncertainty in a Fisherey Management Game (December 2004). CentER Discussion Paper No. 2005-36, Available at SSRN: https://ssrn.com/abstract=706841 or http://dx.doi.org/10.2139/ssrn.706841

Jacob C. Engwerda (Contact Author)

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