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The Tragedy of the Commons

The Tragedy of the Commons. Topic 42 – Garrett Hardin and the English Commons. Simulation. Choice Incentives Property Rights Voluntary Exchange. The Tragedy of the Commons. Property held “in common” often tends to be overused, abused, over-harvested

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The Tragedy of the Commons

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  1. The Tragedy of the Commons Topic 42 – Garrett Hardin and the English Commons

  2. Simulation • Choice • Incentives • Property Rights • Voluntary Exchange

  3. The Tragedy of the Commons • Property held “in common” often tends to be overused, abused, over-harvested • each individual gains the full benefit of the use • while suffering less than full costs of his or her actions on the common property • If everyone owns it…

  4. The American Buffalo

  5. The cod fisheries of New England

  6. Open-ocean blue fin tuna

  7. Whales

  8. Public restrooms versus private restrooms

  9. Redfish and Paul Prudhomme

  10. Yellow bikes

  11. Problems with common ownership • Rewards aggressive harvest • Penalizes stewardship and resource conservation • Promotes conflict among community members with differing values

  12. Works well only when there is little pressure on the resource

  13. Property Rights

  14. Why are private property rights useful? • Resource owners have a strong incentive to embrace stewardship and conservation. • Resource owners are exposed to the long-term consequences of their actions. • Resource owners have legal recourse towards those who would damage the resource.

  15. Why are private property rights useful? • Resource owners have an incentive to share access when the others in society given the signal that they want access. This occurs through others being willing to pay a price to have that access. • Resource owners who are paid for access have funds to ensure continued access.

  16. Private property rights must be • Defined • Defendable • Divestible

  17. Defined • Contracts and Barbed Wire • The privileges and limitations of property ownership must be clearly specified and easily ascertained

  18. Defendable • Owners must have reasonable expectation that their rights will be protected • Owners must have legal recourse and enforcement through the courts and police

  19. Divestible • Owners must be able to transfer all or portions of the property rights to others

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