{"id":2545,"date":"2019-05-17T13:21:28","date_gmt":"2019-05-17T11:21:28","guid":{"rendered":"https:\/\/www.rapid-elearning.info\/wilhelmi\/?page_id=2545"},"modified":"2019-06-03T16:11:27","modified_gmt":"2019-06-03T14:11:27","slug":"blog-januar-2019","status":"publish","type":"page","link":"https:\/\/odem-investing.com\/english\/index.php\/blog-januar-2019\/","title":{"rendered":"Blog May 1 2019"},"content":{"rendered":"

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TRAGEDY OF THE COMMONS<\/h1>\n
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Watch the video first: www.youtube.com<\/a>
\nTragedy of the commons is a game theory concept highlighting the conflict between individual and\u00a0collective rationality.<\/p>\n

The idea of the tragedy of the commons was made popular by the American ecologist\u00a0Garrett Hardin, who used the\u00a0analogy\u00a0of ranchers grazing their animals on a common field. When the field is not over capacity, ranchers may graze their animals with few limitations. However, the \u201erational\u201c rancher will seek to add livestock, thereby increasing profits. Thinking logically but not collectively, the benefits of adding animals adhere to the rancher alone, while the costs are shared. The tragedy is that ultimately no rancher will be able to graze the field, due to overconsumption. This scenario is played out on a daily basis in numerous instances, having grave consequences for the world\u2019s resources.<\/p>\n<\/div><\/div><\/div>

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