Question

imagine a 2,000-acre park with picnic benches, trees, and a pond. suppose it is publicly owned, and people are invited to enjoy its beauty. when the weather is nice, it is difficult to find parking, and the trash cans overflow with food wrappers on summer afternoons. otherwise, it is a great place. the park is a common resource because

Answer 1

It's a wonderful site. The park is a shared resource since excessive use by one individual reduces the use by others.

Any limited resource, like water or pasture, that offers consumers measurable advantages but that nobody, in particular, owns or has exclusive claim to, is referred to as a common resource (or the "commons").

Society must find a mechanism to make individual resource users consider the costs they impose on other users in order to ensure the efficient use of a shared resource. The essential idea behind this is the same as the one used to persuade people to internalize a harmful consequence of their behavior.

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