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Example and Effects of Tragedy of the Commons
Section 3 describes the “Tragedy of the Commons.” In short, this tells us that for natural resources; goods that are non-excludable, but rivalrous, people will use as much of a resource as possible because if they do not use the resource, then others will anyway. For this discussion, your task is to:
- Describe a scenario that would likely lead to tragedy of the commons
- Propose a solution to help alleviate the potential for tragedy of the commons