Question

What is an “open access resource”? Why do open access resources often exhibit what is known as the problem of the “tragedy of the commons”? What properties of efficient property rights are violated by an “open access resource”?

Answer 1

Ans. open access resource?

??Open access resource is a good or service over which no property rights are recognized.

TRAGEDY OF COMMONS

The tragedy of the commons is an economic problem in which every individual tries to take the greatest benefit from a given resource.Due to this reason the demand for a resource surpasses the supply and when every individual consumes an additional unit directly harm consumption of others as they can no longer enjoy the benefits of the resource . The tragedy of the commons occurs when individuals neglect the well-being of society in the pursuit of personal gain.

Reason for open acces resource often exhibit the tragedy of commons is that it is a resource on which on property rights are recognized and without an access or control on consumption of a resource problem of tragedy of common is inevitable

.properties of efficient property rights which are violated by an open access resource are as follows

1. Transferability : Its is the property which states that the owner can transfer or exchange or donate the resource.

2. Enforceability : Its is the property which states that property rights holder can claim, sue anyone who violate his decision over the property;

3. Flexibility : Its is the property which states the extend to which the property owner can change purpose and the mode of resource use without losing the right;

4. Divisibility :   Its is the property which states the capability to create cooperative ownership, to divide the asset with regard to space, to create temporal succession of rights;