Uncertainty in a Fishery Management Game

J.C. Engwerda

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Abstract

In this paper we analyze the consequences of taking noise into account in a simple twoperson fishery management game.Both a stochastic and deterministic formulation are considered.Compared to the noise-free model it is shown that the used stochastic frameworkhas 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 frameworkseem to be quite plausible.
Original languageEnglish
Place of PublicationTilburg
PublisherMacroeconomics
Number of pages14
Volume2005-36
Publication statusPublished - 2005

Publication series

NameCentER Discussion Paper
Volume2005-36

Keywords

  • linear quadratic differential games
  • feedback information structure
  • soft-constrained Nash equilibrium
  • infinite planning horizon

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    Engwerda, J. C. (2005). Uncertainty in a Fishery Management Game. (CentER Discussion Paper; Vol. 2005-36). Macroeconomics.