We experimentally study behavior in a common property renewable resource extraction game with multiple equilibria. In the experiment, pairs of subjects competitively extract and consume a renewable resource in continuous time. We find that play evolves over time into multiple steady states, with...

A standard model of the exploitation of a renewable resource by non-cooperating agents is considered. Under the assumption that the resource is sufficiently productive we prove that there exist infinitely many Markov-perfect Nash equilibria (MPNE). Although these equilibria lead to...