(Key words)(Chapter 4) Institutions and "the commons"

Question 1

(definition) Common property

Answer 1

a good or resource that is available for everyone. There`s no exclusive private ownership rights

Question 2

(definition) Game theory

Answer 2

study of how people make decisions in situation where the outcome depends on the actions of others

Question 3

(definition) Institutions

Answer 3

rules especially for shared environmental resources like rivers, oceans or atmosphere

Question 4

(definition) Prisoner`s dilemma

Answer 4

the idea that cooperation results in the most optimal outcome instead of following their self-interest