[Bsc], GED, ID, PSc, EES, S
Content: Common pool resources (CPR) are shared among people who may not agree on how to manage them. This class will explore different management paradigms, successes and failures in managing air, water and land. In this class, we will emphasize case studies, in-class exercises, and strategies for addressing CPR problems.
Themes: Sustainability, politics, discount factors, cost-benet analysis, decision-making with risk and uncertainty.
Students with a background in economic principles will move from a single player, one-shot (myopic) paradigm to a multiple-player, repeated game environment that more closely resembles real world conditions. Students will leave the class equipped with ideas and methods for improving CPR.
Olson, Mancur (1965), The Logic of Collective Action. Harvard University Press. ISBN 0-674-53751-3.
Ostrom, Gardner and Walker (1994). Rules, Games, and Common-Pool Resources. Ann Arbor Books.
Coase, Ronald (1960), “The Problem of Social Cost” in The Journal of Law and Economics 3:144.