A bioresource management problem with different planning horizons

This paper studies a discrete‐time game‐theoretic model of bioresource management (fishery). Here players are countries or fishing firms that harvest the fish stock. The players differ in their time preferences and adopt different discount factors. Furthermore, the players have different planning horizons. The main goal is to construct the value function for the cooperative solution and to distribute the joint payoff among the players. We apply the recursive Nash bargaining solution to determine the cooperative behavior and payoffs of the players.