Economics and the Tragedy of the Commons
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In both macroeconomics and microeconomics principles courses, economists teach the virtue of markets as an allocative mechanism. But markets sometimes fail. This example allows students to simulate the market failure associated with a common property resource, a salmon fishery, and evaluate ways to control fishing. The simulation also shows the distributional results of different allocative mechanisms. The simulation was developed by Paul Romer at Stanford University and is available on the Aplia web site.
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Grade: Undergraduate to Graduate
Topics: Economics, Professional Development, History-Social Science
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Resource Type/Classification:
- Teacher Materials
Tool for: Teachers