A Dynamic Resource Management Problem

In this chapter we consider a resource management problem for an incomplete renewable resource like a flshery for the centralized as well as the decentralized case. In the context of the decentralized case we study a closed access fishery to incorporate the impact of Strategie interaction on the stock level of fish. This chapter is devoted to illustrate several aspects of an incomplete renewable common property from which we will abstract in the sequel of our analysis by considering in the chapters 4 to 6 a common property that is completely renewable. Important aspects we cannot treat in the context of a completely renewable resource are the issues whether the pursuing of Nash strategies can destroy the common property or under which conditions the resource will be depleted completely by the appropriators. Another major aspect we cannot treat in our static framework is how a change of the underlying economical strueture affects the stock level of the resource, that is, changes in the market, produetion or cost strueture can change fundamentally the optimal exploitation policy by appropriators in the long run.