Tragedy of the commons arises because: Group of answer choicesExternal benefits are under-producedPublic goods are over-consumedCongestion reduces private benefitsThose consuming common resources don’t consider collective cost
Question
Tragedy of the commons arises because: Group of answer choicesExternal benefits are under-producedPublic goods are over-consumedCongestion reduces private benefitsThose consuming common resources don’t consider collective cost
Solution
The "Tragedy of the Commons" arises because those consuming common resources don’t consider the collective cost.
Here's a step-by-step explanation:
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The "Tragedy of the Commons" is a term coined by biologist Garrett Hardin in 1968. It refers to the situation where individuals, acting independently and rationally according to their self-interest, behave contrary to the best interests of the whole group by depleting some common resource.
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The common resource (like a fishing ground, a forest for hunting, or simply the atmosphere we all breathe) is shared by all and belongs to no one.
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Each individual, seeking to maximize their own benefit, tends to consume or use as much of the resource as they can, often without considering the long-term effects of their actions.
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Because all individuals are doing the same (acting in their own self-interest), the common resource gets depleted or destroyed, even though this is against the group's long-term best interests.
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This happens because the individuals consuming the resources don’t consider the collective cost of their consumption - they are motivated by their personal gain, not the overall wellbeing of the group. This is the core reason why the "Tragedy of the Commons" arises.
Similar Questions
Which of the following is not one of the points made in "Tragedy of the Commons"?Group of answer choicesIndividual property rights play a crucial role in resource preservation.Individual property rights tend to be tragically abused by the owners.Common property will tend to be overexploited.Common property makes its users try to use as much as possible and as soon as possible.
One economically efficient way to eliminate the Tragedy of the Commons is toGroup of answer choicestax the owners of the resource.prevent anyone from using the resource.reduce the marginal social benefit of the resource.establish private ownership of the resource.
Four friends decide to meet at a Chinese restaurant for dinner. They decide that each person will order an item off the menu, and they will share all dishes. They will split the cost of the final bill evenly among each of the people at the table. A Tragedy of the Commons problem is likely for each of the following reasons exceptGroup of answer choiceseach dish would be both excludable and rival in consumption.when one person eats, they may not take into account how their choice affects their friends.there is an externality associated with eating the food on the table.each person has an incentive to eat as much as possible since their individual rate of consumption will not affect their individual cost.
When production of a good creates an external benefit,Group of answer choicesthere is a positive externality.it results in the tragedy of the commons.there is a negative externality.a club good is being produced.too much of the good is being produced.
What is the tragedy of the commons? A. A situation where common resources are overused due to individual self-interest B. A situation where externalities are perfectly managed C. A state of maximum cooperation D. A situation where externalities do not exist
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