Rational Fools and the Commons

 Why are offshore fisheries prone to depletion? (p.130)

"because they are a common-pool resource and the absence of well-defined property
rights"

 How does the author define a 'common-pool resource'? (p130)

resources for which exclusion is difficult

joint use involves subractability can be sustainability managed by local resource users

And requires national regulation or privatization in order to avoid environmental &

resource degradation.

 What are 'social dilemmas'? (p131)

"they occur whenever an individuals decision to maximize short-term self interest to a

situation in which all other participants in that persons community are left worst off
feasible alternatives"

Ex: one person taking 2 parking spots because they are in a hurry

 What is the inevitable outcome of Hardin's tragedy of the commons' model? (p132)

"it assumes whether individuals and how they should behave if common-property
institutions break down, it assumes that indviduals act as self-interest players and not
guided institutions and regulations"

 what were the prescriptions to overcome the outcome for Hardin's 'tragedy of the
commons' model?

"privatization or nationalization of common-pool resources"

 Summarize the differences between open access and common property. (p132)

"open access has no owner, total property rights and no owner duties. Common property
has a collective owner, such as a village, they have control of access with the right to
exclude non owners and regulate users to exclude non owners and regulate users and to
maintain objectives defined by a village"

 What was the key flaw in Hardin's argument? (p134)

 "because the older term commons fails to distinguish between the resource type and the
property rights regimes, under which it is held and because he assumed that open-source
resources were inevitably open access and subject to degradation”

 Why are small-scale communities conductive to successful common-property regimes?

(p135)

"this is because in small-scall communities, relations are stable & people communicate
all the time. They are more prone to collapse if their are many changes in relations, such
as new immigrants, technological innovations, etc."