Era II—The Age of the Market<sup>1</sup>

Jan G. Laitos

in The Right of Nonuse

Published in print May 2012 | ISBN: 9780195386066
Published online September 2012 | e-ISBN: 9780199949656 | DOI:
Era II—The Age of the Market1

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This chapter discusses the second era of resource use and nonuse—the Age of Market. As resource users consumed vast quantities of raw materials, they found that they increasingly had to compete among themselves to secure the riches of the world's resource base. Era I decisions involved humans seeking resources, while Era II decisions involved humans competing with other humans for resources. This shift brought about an important behavioral change, both economically and legally. With the advent of markets, individual decisions about resources were slowly replaced with group decisions. Individual resource users realized that they could form groups for mutual benefit. The expectation was that by working together, they might be able to improve their results overall and the payoffs to the members of the group. These kinds of interactive decisions among resource users are understood in light of one branch of game theory—cooperative games.

Keywords: resource competition; markets; group decisions; group decision making; cooperative games; game theory

Chapter.  7813 words.  Illustrated.

Subjects: Environment and Energy Law

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