Abstract
Common property resources are natural resources of which the extraction by one agent reduces the resource's availability for other agents, and the use of which is de facto restricted to a specific set of users. Standard economic theory predicts that the shared use of a renewable natural resource results in the resource being overexploited. In the real world some common-property resources are indeed severely degraded, but others are not. Economists use economic experiments to (i) identify under which conditions community resource management is successful and (ii) pre–test the effectiveness of various institutions in sustaining cooperation in resource use.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callMore From: Reference Module in Earth Systems and Environmental Sciences
Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
