GEOG 1972 Lecture Notes - Lecture 10: Dust Bowl, Market Failure, Openaccess
Document Summary
Perhaps a(cid:448)oid so(cid:373)e failures of (cid:373)arkets, (cid:271)ut ha(cid:448)e o(cid:449)(cid:374) failure theor(cid:455): (cid:862)traged(cid:455) of the. Semi-market solutions: mix of regulation meant to extend market forces to cover those non- market failures. Open access resource: something that anybody can have access to. Institutions: rules and norms governing collective action, especially referring to rules governing common property environmental resources, like rivers, oceans, or the atmosphere. A (cid:862)(cid:374)atural li(cid:373)its(cid:863) fra(cid:373)i(cid:374)g of the (cid:272)o(cid:373)(cid:373)o(cid:374)s as a pro(cid:271)le(cid:373): Tragedy of the commons: the inevitable degradation of resources with open access or held in common, due to fundamental human behavioral tendencies, often argued in terms of the economic and psychological concept of game. Priso(cid:374)er"s dile(cid:373)(cid:373)a: an allegorical description of a game-theoretical situation in which multiple individuals making decisions in pursuit of their own interests tend to create collective outcomes that are non-optimal for everyone. Applying this kind of thinking to our interactions with the natural world leads to some potentially grim and tragic conclusions.
