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The Tragedy of the Uncommons

  • Matthew Brown EMAIL logo und Brianna Cardiff-Hicks EMAIL logo
Veröffentlicht/Copyright: 22. April 2017
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Abstract

We develop and discuss a new institutional concept, “the tragedy of the uncommons,” to describe the inefficient use of resources that are both non-substitutable and transitory. This situation is not captured by the tragedy of the commons/anti-commons literature or other theories. We highlight the crucial and under-appreciated assumptions about value over time of the tragedy of the commons and anticommons. We also introduce the concepts of “under” and “over-ownership” to the bundle of rights theory of property clarifying weaknesses in the literature to help better understand how institutions can yield efficient resource preservation.

Acknowledgments

The authors acknowledge helpful comments from Bruce Benson, Steven Callander, and participants at the Association for Private Enterprise Education Annual Conference. All remaining errors are their own.

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Published Online: 2017-04-22

© 2018 Walter de Gruyter GmbH, Berlin/Boston

Heruntergeladen am 19.9.2025 von https://www.degruyterbrill.com/document/doi/10.1515/rle-2016-0011/html
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