Abstract :
The purpose of this paper is to illustrate that stable limit cycles represent a possible, generic equilibrium strategy in renewable resource models if the considered resource provides positive externalities. This possibility, which has been thus far overlooked, is demonstrated for a nonlinear variant of the widely quoted model of C. W. Clark, F. H. Clarke, and G. R. Munro (Econometrica, 47, 25-47, 1979).
