Definition: The tragedy of the commons is a metaphor for the public goods problem that it is hard to coordinate and pay for public goods. The term comes from Hardin (1968). The commons is a
pasture held by a group. Each individual owns sheep and has the incentive to
put more and more sheep on the pasture to gain, privately. The overall effect
of many individuals do this overwhelms the carrying capacity of the pasture
and the sheep cannot all survive.
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