Faculty in the School of Economic Sciences have published a new textbook introducing students to key issues in the field of common pool resources—shared assets that we all benefit from.
Ana Espinola-Arredondo, professor and associate director in the School of Economic Sciences, and Felix Munoz-Garcia, professor of economics, co-authored “Common Pool Resources: Strategic Behavior, Inefficiencies, and Incomplete Information,” published this fall by Cambridge University Press.
This textbook introduces students of economics, business and policy studies to the key issues surrounding common pool resources, which can include fishing grounds, irrigation systems, forests, and our atmosphere.
“Now more than ever, how people responsibly share and use those goods is a vital issue,” authors wrote.
“Common Pool Resources” uses game theory to help readers understand the mathematics involved in economic studies of this field. Algebra and calculus steps are clearly explained, so students can more easily reproduce analysis and apply it in their own research.
Using a clear, engaging writing style, the book also summarizes experimental studies that tested theoretical results in controlled environments, introducing readers to a literature that has expanded over the last decades, and provides references for further reading.
Find out more on the publisher’s website.
Espinola-Arredondo’s research at WSU focuses on environmental economics and game theory. She studies the strategic effects of environmental regulation on firms’ profit and consumers’ behavior.
Munoz-Garcia examines industrial organization, game theory, and their applications to environmental regulation in contexts where firms as well as government agencies may be imperfectly informed.