Analyze the renewable resource problem for n players

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Analyze the renewable resource problem for N players. Is it true that all of the resource is extracted in the first period if N approaches infinity?

Analyze the private property resource problem for N players. Is it true that the price of the resource is driven to zero as the number of firms increases without bound? Explain very carefully any assumptions that you make in order to do your analysis.

Explain why privatizing the common resource would solve the overextraction problem.

Consider the Internet jam problem. Suggest a solution that would avert a tragedy in that case. Is the solution you propose in the interests of the online companies to implement? If so, speculate on why they have not done something similar already.

Reference no: EM13905302

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