On the sustainability of common property resources |
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Authors: | Nuria Os s-Eraso,Montserrat Viladrich-Grau |
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Affiliation: | aDepartment of Economics, Universidad Pública de Navarra, Campus Arrosadia, Pamplona 31006, Spain;bDepartment of AEGERN, Universitat de Lleida, ETSEA, Rovira Roure 191, Lleida 25198, Spain |
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Abstract: | We provide a model where a common property resource is managed by two types of agents, cooperators and non-cooperators, who adjust their extraction strategies in response to persistent differential payoffs. In our model, the social approval of cooperators works as a reward mechanism which, as we show, favors both the pervasiveness of cooperative behavior and the sustainable management of natural resources. Specifically, we show that in the presence of such a reward mechanism a stable equilibrium can be reached with both strategies being practiced simultaneously and a decentralized and sustainable management of common property resources is possible. |
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Keywords: | Common property resource Cooperation Evolutionary framework Sustainable management Social capital |
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