General Equilibrium Tragedy of the Commons

  title={General Equilibrium Tragedy of the Commons},
  author={Dale T. Manning and Jeremy E. Taylor and James E. Wilen},
  journal={Environmental and Resource Economics},
Many poor economies depend on open access resources for their livelihoods. Households in resource-based economies allocate their time and other factors between resource extraction and other activities. As a result, factors may shift from one sector to another as marginal returns change. This has two important implications. First, it implies potentially strong linkages between resource and non-resource sectors. Second, it means that unmanaged resources cause inefficient allocations of inputs… CONTINUE READING
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