8 terms

Common Pool Resources

STUDY
PLAY
Rival
use of one person makes less of the resource available to others
non-excludable
it is difficult to prevent people from using the resource
open-access resource
non-excludability
externality
a cost or benefit not reflected in direct prices incurred because of the actions of someone else
result of externalities
the contentious user gets less, while those who exploit the resource quickly gets more
nationalization
create laws or regulations that prevent or regulate use
private property
parcel-out common pool resources to individuals who can better monitor and enforce exclusions on their property
common property
group of users make collective rules that describe what uses are allowed
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