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Andrzej Nowak
''A note on an equilibrium in the great fish war game''
( 2006, Vol. 17 No.2 )
The great fish war game by Levhari and Mirman is studied under the limiting average utility criterion. It turns out that a stationary equilibrium in this game has a turnpike property, leads to higher steady state compared with those of discounted games but gives a higher steady state consumption. The convergence of the equilibrium functions in the finite horizon games to an equilibrium function in the infinite horizon discounted game is also proved.
Keywords: Dynamic resource extraction game
JEL: Q2 - Renewable Resources and Conservation: General
Manuscript Received : Mar 23 2006 Manuscript Accepted : Mar 23 2006

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