The Dynamic Efficiency Costs of Common-Pool Resource Exploitation
利用真实渔业数据，首次从微观层面实证研究公共池塘资源使用者的动态与策略行为，发现动态外部性导致早期过度捕捞，而拥堵在长期部分抵消了动态低效。
We conduct the first empirical investigation of common-pool resource users' dynamic and strategic behavior at the micro level using real-world data. Fishermen's strategies in a fully dynamic game account for latent resource dynamics and other players' actions, revealing the profit structure of the fishery. We compare the fishermen's actual and socially optimal exploitation paths under a time-specific vessel allocation policy and find a sizable dynamic externality. Individual fishermen respond to other users by exerting effort above the optimal level early in the season. Congestion is costly instantaneously but is beneficial in the long run because it partially offsets dynamic inefficiencies.