“…Since then, a host of researchers have refined these insights. There have been attempts to model common-pool resources as dynamic games, with various assumptions about discounting, and payoffs either independent of resource stock (Benhabib and Radner, 1992;Cave, 1987;Dutta, 1995) or dependent on stock (Hannesson, 1997;Laukkanen, 2003;Tarui et al, 2008). These models have also introduced a range of assumptions about monitoring, from perfect monitoring and individual sanction (Casari and Plott, 2003;Ostrom, 1990) to imperfect monitoring and unobservable individual actions (Cason and Khan, 1999;Chermak and Krause, 2002;Isaac and Walker, 1988).…”