Common-pool resources
Common-pool resources (CPRs) are natural or human-made resources where one
person's use subtracts from another's use and where it is often necessary, but
difficult and costly, to exclude other users outside the group from using the
resource.
The majority of the CPR research to date has been in the areas of fisheries,
forests, grazing systems, wildlife, water resources, irrigation systems, agriculture,
land tenure and use, social organization, theory (social dilemmas, game theory,
experimental economics, etc.) and global commons (climate change, air pollution,
trans-boundary disputes, etc.).
There is a growing work on "new" or "nontraditional" commons, which focuses on
urban commons (apartment buildings, parking spaces, playgrounds, etc.), the
Internet, electro-magnetic spectrum, genetic data and so forth.
Definition of 'Tragedy Of The Commons'
An economic problem in which every individual tries to reap the greatest benefit
from a given resource. As the demand for the resource overwhelms the supply,
every individual who consumes an additional unit directly harms others who can
no longer enjoy the benefits. Generally, the resource of interest is easily available
to all individuals.
Explanation of the 'Tragedy Of The Commons'
The tragedy of the commons occurs when individuals neglect the well-being of
society (or the group) in the pursuit of personal gain. For example, if neighboring
farmers increase the number of their own sheep living on a common block of
land, eventually the land will become depleted and not be able to support the
sheep, which is detrimental to all.