
We model dynamic mechanisms for a global commons. Countries value both consumption and 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: Identical countries receive the same quota even as environmental costs and resource needs differ. This is true even when private information is negligible.
Dynamic mechanism design, global commons, climate change, optimal quota, full compression, fish wars, Perfect Bayesian equilibria, international agency., 13 Climate Action, Environmental economics (natural resource models, harvesting, pollution, etc.), dynamic mechanisms, open access resource, Resource and cost allocation (including fair division, apportionment, etc.), perfect Bayesian equilibria, global commons, 13 Acción por el clima, ECONOMICS & BUSINESS, jel: jel:D82, jel: jel:C73, jel: jel:F53, jel: jel:Q54, jel: jel:Q58
Dynamic mechanism design, global commons, climate change, optimal quota, full compression, fish wars, Perfect Bayesian equilibria, international agency., 13 Climate Action, Environmental economics (natural resource models, harvesting, pollution, etc.), dynamic mechanisms, open access resource, Resource and cost allocation (including fair division, apportionment, etc.), perfect Bayesian equilibria, global commons, 13 Acción por el clima, ECONOMICS & BUSINESS, jel: jel:D82, jel: jel:C73, jel: jel:F53, jel: jel:Q54, jel: jel:Q58
| selected citations These citations are derived from selected sources. This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically). | 8 | |
| popularity This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network. | Top 10% | |
| influence This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically). | Average | |
| impulse This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network. | Average |
