6. Common resources and the tragedy of the commons Lorenzo, Sam, and Andrew are

Question

6. Common resources and the tragedy of the commons Lorenzo, Sam, and Andrew are hunters who live next to a recreational wildlife game area that is open to hunting; in other words, anyone is free to use the recreational wildlife game area for hunting. Assume that these men are the only three hunters who hunt in this necreational wildlife game area and that the recreational wildife game area is large enough for all three hunters to hunt intensively at the same time. Each year, the hunters choose independently how often to hunti specifically, they choose whether to hunt intensively (hat is, to set seveal taps and hit long hours, which huts the sustainability of the recreational w1dMe game area enough people do or to huntoitensivey (.ich des not hurt the sustainablity of the recreational wildife game area). None of them has the ability to control how much the others hunt, and each hunter cares only about his own profitablity and not about the state of the reareational wildife game area. Assume that as long as no more than one hunter hunts intensively, there are enough animals to restock the recreational widife game area. However r two or more hunt intenively, the recreational wildlife game area will become useless in the future. Of course, hunting intensively earns a hunter mor money and gmater profit because he can sell more animals. The recreational wildife game ares is an example of because the animals in the recreational wildlife game area are D g on whether Sam and Andrew both choose to hunt ether nonintensively or intensively·twitorenns rofit-marmuing repose n the ollowing table, given Sam and Andnew's actions Hunt Intensively cA option

Explanation / Answer

1) common resource

2) non-excludable

3) rival

4) When Sam and Andrew's actions are to Hunt non intensively then Lorenzo will hunt intensively because it maximises his profit and also save the wildlife area.

5) When Sam and Andrew's action is to hunt intensively then Lorenzo will also hunt intensively because in future they will not get profit due to useless of forest so Lorenzo also increases its current profit by hunting intensively.

6) Outlaw intensive hunting.

Convert recreational wildlife game into a private property, and allow the owner to sell property rights.

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