The tragedy of the commons dilemma
A) characterized our history but isn't a problem in modern society.
B) is a problem in theory but not in reality.
C) continues to be a significant problem in modern society.
D) is a problem only in underdeveloped nations.
Question 2
You are the owner of an area of open land. A group of ranchers comes to you and asks if you would be willing to let them graze their cattle on your land.
You want to be helpful, so you agree. In order to prevent a tragedy of the commons and protect the health of your land, what should you do?
A) Hold weekly meetings with the ranchers and maintain communication.
B) Make it clear that the ranchers are in competition with one another.
C) Emphasize that the more cattle they graze, the more money they will make.
D) Allow the invisible hand of economics to balance out use of the land.
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Solve the following optimization problem
Problem