Question

Many communities experience the tragedy of the commons.One way a local community might regulate a shared and limited resource and reduce the tragedy of thecommons is to

Answer 1

Many communities experience the tragedy of the commons. One way a local community might regulate a shared and limited resource and reduce the tragedy of the commons is to divide the resource into parcels and assign them to individuals.

The tragedy of the commons

• The tragedy of the commons is a concept used in economics to describe a situation where individual users of a resource, who have open access to it without being constrained by formal rules governing access and use, act independently in their own self-interest and, against the interests of other users, cause the resource to be depleted.
• An open-access and unregulated resources, such as the atmosphere, oceans, rivers, and ocean fish stocks, are considered to be "commons" in today's economic setting.
• The tragedy of the commons affects a lot of communities. By dividing a shared, finite resource into pieces and allocating them to specific people, a local community can govern it and lessen the tragedy of the commons.

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