Tragedy-of-the-Commons

In medieval England, villages had common grazing land-the “commons”-where all villagers could graze their sheep. Each shepherd faced a decision: How many sheep should I graze? The logic was simple: Adding one more sheep: I get 100% of the profit Cost of overgrazing: Shared among all shepherds So every rational shepherd added more sheep. And more. And more. Until the commons was destroyed. Overgrazed. Barren. Worthless to everyone. This wasn’t malice. Each shepherd was acting rationally in their own self-interest. ...

The Tragedy of the Commons: When Self-Interest Destroys Everything Imagine a village where everyone shares a common grazing field. Each villager rationally decides to add one more cow to maximize their profit. Each individual decision makes sense. But collectively, they destroy the field that sustains them all. This is the Tragedy of the Commons - one of the most important concepts in game theory, economics, and environmental science. It explains why rational individuals often destroy the very resources they depend on. ...