It has long been recognized that the quality of property rights greatly impacts the economic development of a country and the use of its natural resources. Since Long [13], the conventional wisdom has been that ownership risk induces a firm to overuse the stock of a resource. However, the...

We construct a game of noncooperative common-resource exploitation which delivers analytical solutions for its symmetric Markov-perfect Nash equilibrium. We examine how introducing uncertainty to the natural law of resource reproduction affects strategic exploitation. We show that the commons...