This market failure occurs when common resources are overused or abused because no one has a specific property right over them. For example, overfishing of open seas or depletion of natural resources due to unsustainable grazing.
This market failure occurs when common resources are overused or abused because no one has a specific property right over them. For example, overfishing of open seas or depletion of natural resources due to unsustainable grazing.