Differential game theoretic policies for consumption-regulation of renewable resources

摘要

It is a well-known fact that renewable resources such as fish, whale, forest, etc. constitute an increasingly important class of economic resources necessary for the survival of the increasing population of human beings in the world. Continuous unplanned consumption of these resources could very easily lead to their extinction. Very often the change in the population stock of these resources is dependent upon their rate of consumption by more than one country. In this correspondence a two-country's single renewable resource dynamic model is formulated in a differential game theoretic framework. A competitive market consumer benefit function is used as an objective function to be maximized by each country subject to the resource population-growth-catch dynamics. The optimal competitive catch strategies are derived and their economic implications are discussed. It is shown that, in general, the optimal catch strategies are not always competitive. Possibilities for each country to be idle or to apply an optimal (monopolistic) catch strategy are also feasible.