摘要：This paper examines the impact of inequality in access to credit on efficiency in extractionfrom a common resource. A dynamic model is developed, where agents strategically choose the levelof sunk capacity and the consequent extraction path. Sunk capacity is a function of cost of credit andserves as a commitment device to deter entry or force exit. Contrary to previous studies based on staticsettings, our results show that greater inequality does not necessarily lead to greater efficiency inextraction. In particular, we show that under moderate inequality, the resource stock is lower than thatunder perfect equality.
