TITLE:
Studying Economics Reduces Overexploitation in a Common Resource Experiment
AUTHORS:
Nikolaos Georgantzis, José Santiago Arroyo-Mina, Daniel Guerrero
KEYWORDS:
Common-Pool Resources; Non-Cooperatives Games; Learning Processes
JOURNAL NAME:
Theoretical Economics Letters,
Vol.3 No.5B,
September
24,
2013
ABSTRACT: This paper studies the economical behavior of agents, who make decisions regarding the sustainability of Common-Pool Resources (CPR). For this purpose, economical experiments are applied to simulate the yield of a CPR taking into account the influence of economical training on the learning process of individuals regarding their decisions for sustainability. Based on a non-cooperative game with simultaneous choices, the results of experiments show that after several rounds the existence of economical knowledge reflects a better learning process for making decisions regarding sustainability of CPR.