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The Tragedy of the Uncommons

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  • Brown Matthew

    (Department of Business Administration, University of Illinois-Springfield, Springfield, IL, USA)

  • Cardiff-Hicks Brianna

    (Cornerstone Research Inc., Menlo Park, CA, USA)

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.

Suggested Citation

  • Brown Matthew & Cardiff-Hicks Brianna, 2018. "The Tragedy of the Uncommons," Review of Law & Economics, De Gruyter, vol. 14(2), pages 1-22, July.
    • Handle: RePEc:bpj:rlecon:v:14:y:2018:i:2:p:22:n:4
    DOI: 10.1515/rle-2016-0011
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    References listed on IDEAS

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