Part 1/8:
Understanding the Tragedy of the Commons: Insights from Elinor Ostrom
The struggle to share resources is a fundamental issue that humanity faces. When confronted with a common resource, such as drinking water, the instinct of many is to prioritize individual gain, often leading to depletion of the resource. This pervasive tendency, known as the Tragedy of the Commons, illustrates the conflict between individual interests and collective welfare. Over the years, this phenomenon has been a subject of extensive study in game theory—an area concerning the strategic decision-making of individuals.