Random Priority: A Probabilistic Resolution of the Tragedy of the Commons

Crès, Hervé and Herve Moulin ()

No 98-06, Working Papers from Duke University, Department of Economics

Abstract: The celebrated "tragedy of the commons" arises when a certain technology with increasing marginal cost is the common property of its users. Examples include the exploitation of fisheries and other natural resources, as well as queuing problems where users want a service and the externalities result from congestion.

JEL-codes: D60 D62 D72 (search for similar items in EconPapers)
Date: 1998
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