Investment and the tragedy of the commons
AbstractThis note studies the exploitation of a common proerty resource when firms choose a technology before exploiting the resource. The sequential choice leads to overinvestment. Moreover, exploitation levels are higher than they would be if technology and labour input were chosen simultaneously. The tragedy of the commons is aggravated.
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Bibliographic InfoArticle provided by AccessEcon in its journal Economics Bulletin.
Volume (Year): 4 (2001)
Issue (Month): 2 ()
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common property resources;
Find related papers by JEL classification:
- D6 - Microeconomics - - Welfare Economics
- Q2 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation
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