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See detailStrategic Exploitation of a Common-Property Resource under Uncertainty
Koulovatianos, Christos UL; Antoniadou, Elena; Mirman, Leonard J.

in Journal of Environmental Economics and Management [= JEEM] (2013), 65(1), 28-39

We construct a game of noncooperative common-resource exploitation which delivers analytical solutions for its symmetric Markov-perfect Nash equilibrium. We examine how introducing uncertainty to the ... [more ▼]

We construct a game of noncooperative common-resource exploitation which delivers analytical solutions for its symmetric Markov-perfect Nash equilibrium. We examine how introducing uncertainty to the natural law of resource reproduction affects strategic exploitation. We show that the commons problem is always present in our example and we identify cases in which increases in risk amplify or mitigate the commons problem. For a specific class of games which imply Markov-perfect strategies that are linear in the resource stock (our example belongs to this class), we provide general results on how payoff-function features affect the responsiveness of exploitation strategies to changes in riskiness. These broader characterizations of games which imply linear strategies (appearing in an Online Appendix) can be useful in future work, given the technical difficulties that may arise by the possible nonlinearity of Markov-perfect strategies in more general settings. [less ▲]

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See detailThe optimal size of a permit market
Krysiak, Frank C.; Schweitzer, Patrick UL

in Journal of Environmental Economics and Management [= JEEM] (2010), 60(2), 133-143

Regulating the emissions of non-uniformly mixed pollutants with a permit market carries the risk of hot spot formation, which can be reduced by dividing the regulation area into trading zones. The trading ... [more ▼]

Regulating the emissions of non-uniformly mixed pollutants with a permit market carries the risk of hot spot formation, which can be reduced by dividing the regulation area into trading zones. The trading zone approach has been extensively discussed for the full-information case. We consider incomplete information concerning the emitters’ abatement costs, their locations, and pollution dispersion. We derive the optimal number of trading zones and the optimal number of permits per zone and analyze under which conditions a system of independent trading zones is superior to other policy measures. Our results show that appropriately sized permit markets are well-suited to regulating non-uniformly mixed pollutants under informational constraints if firms are not too heterogeneous. Only for substantial heterogeneity and a highly non-linear damage function can it be optimal to use command-and-control strategies. [less ▲]

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See detailPollution Perception: A Challenge for Intergenerational Equity
Schumacher, Ingmar; Zou, Benteng UL

in Journal of Environmental Economics and Management [= JEEM] (2008), 55

In this article we extend the recent literature on overlapping generations and pollution by allowing generations to perceive the level of pollution differently than the actual level of pollution. We call ... [more ▼]

In this article we extend the recent literature on overlapping generations and pollution by allowing generations to perceive the level of pollution differently than the actual level of pollution. We call this pollution perception. Pollution perception can visualize itself as either a concern for the °ow of pollution only, or for the stock, or a combination of both. We derive this extension based on empirical evidence from recent advances in behavioral economics. Pollution perception has not only signifficant consequences for the steady state levels of pollution and capital, but we also and a qualitative change in the dynamics from similar models without pollution perception [23]. Specifically, we derive optimal non-linear dynamics through complex eigenvalues and Hopf or Flip bifurcations for a large set of parameters. This leads to violations of two standard criteria of sustainability, suggesting that pollution perception can be another source of intergenerational inequity. [less ▲]

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