6.2 open access Flashcards
1
Q
tragedy of the commons
A
Individuals do what benefits them the most which results in the overall welfare of the group to be worse
2
Q
free-rider problem
A
refers to people accesing a good without paying for it because it is non-excludable
3
Q
property rights regimes
A
communal/open-access: rights are assigned in a first come, first serve basis where ownership continues as long as the user retains it
public: non-transferable ownership
private: transeferable and excludable ownership
4
Q
tort
A
wrongful or an infringement of an act leading to civil legal liability
