Options
Stochastic differential game model of a common property fishery
Date Issued
1996
ISSN
0022-3239
Citation
Journal of Optimization Theory and Applications, 1996, vol. 90, pp. 381-403.
Type
Peer Reviewed Journal Article
Abstract
The paper presents a stochastic differential game model of a common-property commercial fishery and determines a feedback Nash equilibrium of the game. Closed-form expressions for the value functions, the equilibrium harvesting strategies, and stationary distributions of the fish stock are derived. Sensitivity analyses with respect tot he model parameters are carried out. The paper also considers equilibrium outcomes under joint maximization and surplus maximization. In the latter case, an optimal market size (i.e., number of firms) is identified.
Loading...
Availability at HKSYU Library
