Collectively owned resources tend to be overused, as no one has an incentive to conserve them or use them optimally.

Question

Quizplus · Accepted Answer

This phenomenon is known as the tragedy of the commons and has been observed in a number of real-world scenarios where resources such as fisheries, forests, and grazing lands are owned and used collectively. Without clear ownership and property rights, users may prioritize their own short-term gain over the long-term sustainability of the resource, leading to overuse and depletion.

Collectively Owned Resources Tend to Be Overused, as No One