Keyword: tragedy

The Tragedy of the Anticommons (8/13/1999)

When too many individuals have the right of exclusion to a scarce resource, and no one has an effective privilege of use, under-utilization may occur.

Keywords: anticommons, bundle, commons, exclusion, holding out, inclusion, Kobe, land, property rights, tragedy, transaction costs

Tragedy of the Commons (11/2/2011)

Unlimited entry could easily lead to over-exploitation of commons resources.

Keywords: AP, average product, commons, marginal product, MP, over-exploitation, tragedy