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One early example of the tragedy of the commons occurred in the Middle Ages. Sheepherders would graze their sheep on a common pasture. Each herder wanted to feed his or her sheep so that they could get fat and therefore be sold for a higher price. But the more sheep there were on the common, the less grass there was for any single sheep. As a group, it would be better to limit the number of sheep on the common to maintain the resource. But each herder has an incentive to raise more sheep if the other herders are restricting the number of sheep they raise. Therefore, there is a conflict between what is collectively rational and what is individually rational. Let's look at a simple problem to see how this comes about 1st attempt

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The tragedy of the commons is a trouble in economics that occurs when individuals overlook the well-being of society within the pursuit of personal benefit. This leads to over-intake and in the long run depletion of the commonplace aid, to all of us's detriment.

Tragedy of the commons is the idea of a shared useful resource in which any used reaps the total advantages in their private use, at the same time as the losses are dispensed amongst all customers. This outcomes in a tragedy like cows grazing on a pasture. Examples of commonplace pool sources are air, freshwater, rivers, ponds, lakes.

Traditional examples of commons encompass forests, fisheries, or groundwater assets, but more and more the term commons is used for a broader set of domain names, e.g. understanding commons, virtual commons, city commons, fitness commons, cultural commons, etc.

Due to the fact the financial system is a commons, in the end we either all win, or all of us lose.” As oil continued to pour into the Gulf, the BP catastrophe is a stunning example of the way we all lose under our cutting-edge system while something unavoidably is going incorrect.

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