TEL  Vol.3 No.5 B , September 2013
Studying Economics Reduces Overexploitation in a Common Resource Experiment
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.

Cite this paper
N. Georgantzis, J. Arroyo-Mina and D. Guerrero, "Studying Economics Reduces Overexploitation in a Common Resource Experiment," Theoretical Economics Letters, Vol. 3 No. 5, 2013, pp. 31-39. doi: 10.4236/tel.2013.35A2006.
References
[1]   J. Nash, “The Bargaining Problem,” Econometrica, 1950 Vol. 18, No. 2, 1950, pp. 155-162. http://dx.doi.org/10.2307/1907266

[2]   H. Simon, “A Behavioral Model of Rational Choice,” The Quaterly Journal of Economics, Vol. 69, No. 1, 1955, pp. 99-118. http://dx.doi.org/10.2307/1884852

[3]   H. Simon, “Rationality in Psychology and Economics. Rational Choice: The Contrast between Economics and Psychology,” Journal of Political Economy, Vol. 99, No. 4, 1986, pp. S209-S224.

[4]   L. Plata and I. Mejia, “Racionalidad Clasica o Racionalidad Limitada?” Archivos Jornadas de Epistemología Económica, Universidad Nacional de Buenos Aires, 2010.

[5]   S. Bowles, “Microeconomics: Behavior, Institutions and Evolution,” Princeton University Press, Princeton, 2004.

[6]   E. Ostrom, R. Gardner and J. Walker, “Rules, Games, and Common-pool Resources,” University of Michigan Press, Ann Arbor, 1994.

[7]   J. Cárdenas and E. Ostrom, “What Do People Bring into the Game: Experiments in the Field about Cooperation in the Commons,” Agricultural Systems, 2004, Vol. 82, No. 3, 2004, pp. 307-326. http://dx.doi.org/10.1016/j.agsy.2004.07.008

[8]   J. Cárdenas, “Dilemas de lo Colectivo: Instituciones, Pobreza y Cooperación en el Manejo Local de los Recursos de uso Común,” Colección CEDE 50 anos, Facultad de Economía, 2010.

[9]   S. Arroyo and D. Guerrero, “Determinantes de Decisiones Sociales Para Preservar Recursos de uso Común: Aplicaciones Experimentales Bajo un Modelo de Aprendizaje a la Cournot,” Journal of Management and Economics for Iberoamerica, in process, 2012.

[10]   L. Walras, “Elementos de la Teoría Política Pura,” Alianza Editores, 1990.

[11]   R. Gibbons, “Game Theory for Applied Economists,” Princeton University Press, Princeton, 1958.

[12]   O. Shy, “Industrial Organization: Theory and Applications,” MIT Press, Cambridge, 1995.

[13]   C. Clark, “Mathematical Bioeconomics: The Optimal Management of Renewable Resources,” Wiley Interscience Publication, Hoboken, 1990.

[14]   H. S. Gordon, “The economic Theory of a Common Property Resource: The Fishery,” Journal of Political Economy, Vol. 62, No. 2, 1954, pp.124-142. http://dx.doi.org/10.1086/257497

[15]   R. Bartlett, “Making Cooperative Learning Work in Economic Classes,” In: Becker and Watts (compilers), Eds., Teaching Economics to Undergraduates: Alternatives to Chalk and Talk, 1998.

[16]   E. Fox, “Introduction to Cooperative Learning,” In: R. T. Johnson and D. W. Johnson, Eds., Methods for Developing Cooperative Learning on the Web, 2001. http://courses.cs.vt.edu/~cs4624/s01/docs/cooplearning.pdf

[17]   C. Noussir and J. Walker, “Student Decision Making as Active Learning: Experimental Economics in the Classroom,” Edward Elgar Publishing Limited, Cheltenham, 1998.

[18]   B.H. Baltagi, “Econometric Analysis of Panel Data,” John A. Wiley & Sons, New York, 1995.

[19]   S.Huck, H. Normann and J. Oechssler, “Learning in Cournot Oligopoly: An Experiment,” The Economic Journal, Vol. 1, No. 8, 1999, pp. 80-96. http://dx.doi.org/10.1111/1468-0297.00418

[20]   S. Rassenti, S, Reynolds, V. Smith and F. Szidarovsky. “Adaptation and Convergence of Behavior in Repeated Experimental Cournot Games,” Journal of Economic Behaviour and Organization, Vol. 41, No. 2, 2000, pp. 117-146. http://dx.doi.org/10.1016/S0167-2681(99)00090-6

[21]   P. Fajfar, “Information and Competition in Cournot’s Model: Evidence from the Laboratory,” Social Science Research Network, 2006, p. 884231.

[22]   G. S. Becker. “Crime and Punishment: An Economic Approach,” The Journal of Political Economy, 1968, Vol. 76, pp. 169-217.

[23]   W. BrockandS. Durlauf. “Discrete Choice with Social Interactions,” Review of EconomicStudies, Vol. 68, No. 2, 2001, pp. 235-260. http://dx.doi.org/10.1111/1467-937X.00168

[24]   D. Yandell, “Effects of Integration and Classroom Experiments on Student Learning and Satisfaction,” In: I. S. University and P.H. P. Co., Eds., Economics and the Classroom Conference, 1999. http://home.sandiego.edu/~yandell/idaho.pdf

[25]   C. Hsiao, “Analysis of Panel Data,” 2003.

[26]   G. Lynne, J. Shonkwiler, and L. Rola. “Attitudes and Farmer Conservation Behavior,” American Journal of Agricultural Economics, Vol. 70, No. 1, 1988, pp. 12-18. http://dx.doi.org/10.2307/1241971

 
 
Top