Premium
A COMMON PROPERTY EXPERIMENT WITH A RENEWABLE RESOURCE
Author(s) -
HAZLETT DENISE
Publication year - 1997
Publication title -
economic inquiry
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.823
H-Index - 72
eISSN - 1465-7295
pISSN - 0095-2583
DOI - 10.1111/j.1465-7295.1997.tb01969.x
Subject(s) - tragedy of the commons , commons , property rights , common pool resource , renewable resource , property (philosophy) , renewable energy , resource (disambiguation) , economics , tragedy (event) , microeconomics , environmental economics , natural resource economics , law and economics , mathematical economics , sociology , computer science , law , ecology , political science , social science , epistemology , philosophy , computer network , biology
This series of three classroom experiments demonstrates the tragedy of the commons and suggests two possible solutions: communication and individual property rights. In the first and second experiments, students jointly own a renewable resource in the form of a plate of M&Ms. Communication is not allowed in the first experiment, whereas in the second experiment students may try to influence each other's desired harvest. The third experiment divides the plate to establish individual property rights.