The objective of the project is to produce a substantial paper on the shared use of natural resources, supposing either a competitive or oligopolistic setting, and to explore whether market agents may, by themselves, reach equilibrium. The approach will be in the spirit of mathematical economics, but with emphasis on how agents themselves might arrive at a stable outcome. The main issue is how and when manifold agents, each pursuing own interest, might arrive at a reasonable and efficient sharing of natural resources and private endowments. The project intents to identify sufficient conditions for the attainment and stability of market balance through the use of game theory and optimization theory. The project is expected to benefit economists concerned with adaptive behaviour and equilibrium attainment. The donor partner, University of Bergen, has generated substantial papers on game theory and related fields. The project promoter, University of Alicante, will contribute with its know-how and many years of experience in studying game theory and the optimization theory.
Summary of project results
The project aim was to explore whether and how markets for property or user rights to natural resources could, via repeated bilateral exchange, eventually reach equilibrium. The project entailed prolonged stays of Flåm Sjur at the University of Alicante, organized around extended discussions and several seminars. Flåm Sjur held several open seminars at University of Alicante during Dec. 2014 & Jan. 2015. He also gave an invited presentation at an int. conference in Malaga, primo Jan 2015. The discussions were many and long and interactions were most pleasant and productive. There are good prospects that these will continue. The activity was instrumental for the said, invited talk at the Univ. of Malaga, Jan 2015 – and later for the plenary lecture of Flåm Sjur at the upcoming conference in Lima, Peru (Oct.2015). As a result of the stay, a good paper is accepted for publication in the scientific journal Set-valued Analysis.
Summary of bilateral results
Flåm Sjur sincerely hopes to visit University of Alicante again, continuing thus his collaboration there.