Dynamic Mechanism Design for a Global Commons
نویسندگان
چکیده
We model dynamic mechanisms for a global commons. Countries benefit from both consumption and aggregate conservation of an open access resource. A country’s relative value of consumption-to-conservation is privately observed and evolves stochastically. An optimal quota maximizes world welfare subject to being implementable by Perfect Bayesian equilibria. With complete information, the optimal quota is first best; it allocates more of the resource each period to countries with high consumption value. Under incomplete information, the optimal quota is fully compressed — initially identical countries always receive the same quota even as environmental costs and resource needs differ later on. JEL Codes: C73, D82, F53, Q54, Q58
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