Decentralized Management of a Fishery

We construct an economic mechanism to realize in Nash equilibrium an optimal consumption time path of a natural resource. For exposition convenience, the analysis is conducted within the model initiated by Levhari and Mirman (Bell J Econ 11:322–334, 1980). This framework allows us to explicitely compute the consumption time paths of the resource, associated with an open-access regime, with a cooperative management and with a (stationary Markovian) Nash equilibrium of the difference game induced by the proposed mechanism.