Can Incomplete Information Lead to Under-exploitation in the Commons? TECHNICAL APPENDIX


Proof. If entry does not occur, the high-stock incumbent’s pro…ts areMH 1 (x1)+ M H 1 (x1), for a given …rst-period appropriation x1, and for a given appropriation level qm 1 (x1; H) that maximizes pro…ts in the second period of the game. If the high-stock incumbent marginally increases …rst period appropriation, it experiences an increase in pro…ts of 1… (More)


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