1. Common Property Resources: Theory and Practice Emily J. Wornell

2.  What are common pool resources  Problems associated with them ▪ The tragedy of the commons  Main perspectives on how to deal with common pool resource problems  Private property and government intervention  What are externalities  Alternative perspectives on common pool resource problems  Complexity of these issues

6. Maximum utility = positive elements + negative elements Positive = = 1

7. Maximum utility = positive elements + negative elements Negative = shared between farmers = <-1

8. Maximum utility = positive elements + negative elements Maximum utility = 1 + (-.25) =.75

13. Tragedy of the commons

14.  Characteristics of CPR  Size and carrying capacity  Measurability  Temporal and spatial differences  Amount of storage in the system  Physical movement  Regeneration  Impact of harvesting technologies

15. Private property rightsGovernment intervention Increased conservation Efficient use of resources Reduced transaction costs

16. Private property rightsGovernment intervention Prohibition Restriction Incentives/ sanctions

18. 18.2 million in 1954 8.9 million in 2012

19. Externality: Factor of production not under the direct control of of the producer - unintended consequences, positive or negative

20. Externality: Factor of production not under the direct control of of the producer - unintended consequences, positive or negative

21. Externality: Factor of production not under the direct control of of the producer - unintended consequences, positive or negative

22. Externality: Factor of production not under the direct control of of the producer - unintended consequences, positive or negative

23. Externality: Factor of production not under the direct control of of the producer - unintended consequences, positive or negative

24. Externality: Factor of production not under the direct control of of the producer - unintended consequences, positive or negative

25. Private property rightsGovernment intervention Decrease negative externalities Benefit from positive externalities

26. Private property rightsGovernment intervention Decrease negative externalities Benefit from positive externalities What happens when they fail?! Love Canal

27. Original plan: done in 2007 @ $4.3 billion Newest estimate: done in 2022 @ $13.4 billion Most optimistic timeline: cleanup finished 2063, which is longer than the plant was in operation.

28.  Alternative perspectives  Open access and group property rights Elinor Ostrom

29.  Alternative perspectives  Open access and group property rights

30. Increased population Overexploitation Tragedy of the commons Environmental disaster Increased vulnerability

31. PopulationEnvironment History Society Politics EconomicsDemographicsGeography