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Evolutionary Dynamics in Heterogenous Oligopolies for the Exploitation of Renewable Natural Resources

Author

Listed:
  • Gian Italo Bischi

    (Departments of Economics, Society, Politics (DESP) - University of Urbino - Italy)

  • Lucia Sbragia

    (Department of Economics - Durham University Business School - UK)

Abstract
In this paper we provide an overview of some dynamic oligopoly models proposed in the literature to describe the exploitation of a common pool renewable natural resource (e.g. the fisheries) when agents can switch between different harvesting strategies. We suggest a switching mechanism which is an alternative version of the discrete-time replicator dynamics based on expected profits and myopic imitation of the better performing behaviors, often denoted as exponential replicator. We finally provide a general framework for modeling situations where authorities allow for different alternative strategies to exploit a natural resource and agents can choose among such possibilities by updating their decisions at discrete times on the basis of profitability considerations.

Suggested Citation

  • Gian Italo Bischi & Lucia Sbragia, 2023. "Evolutionary Dynamics in Heterogenous Oligopolies for the Exploitation of Renewable Natural Resources," Rivista Internazionale di Scienze Sociali, Vita e Pensiero, Pubblicazioni dell'Universita' Cattolica del Sacro Cuore, vol. 131(1), pages 35-64.
    • Handle: RePEc:vep:journl:y:2023:v:131:i:1:p:35-64
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    More about this item

    Keywords

    Bioeconomic Models; Oligopoly Games; Resource Exploitation; Replicator Dynamics;
    All these keywords.

    JEL classification:

    • C60 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - General
    • C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games
    • L13 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Oligopoly and Other Imperfect Markets
    • Q22 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Fishery
    • Q57 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Ecological Economics

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