Now let's discuss a problem of collective action, which is sometimes called the "tragedy of the commons". In the lecture, you will learn what a collective action problem is, and the conditions in which they arise. You will also learn how collective action problems can be addressed by cooperative schemes.
The example which we will use is sustainable fishing. But you can apply this to various other scenarios where a common pool resource is shared by multiple actors, such as land/air/sea pollution, CO2 emissions reduction, deforestation by farming/industry, etc.