Tragedy of the Commons

Private property is the cornerstone of a market economy. The tragedy of the commons describes the dilemma in which multiple individuals acting independently in their own self-interest can ultimately destroy a shared resource even where it is clear that it is not in anyone's long term interest for this to happen. When resources are commonly owned, incentives ensure that the resource will be depleted. Think cows and whales. In spite of the fact that cows are a major food source and it is illegal to kill whales, it is whales that are in danger of extinction - mainly because of property rights. Play the Tragedy of the Bunnies game for fun with this concept.