We develop a model of scarce renewable resources to study the problem of the commons. Our model formulation differs … from the existing literature in that it assumes the use of the commons to be stochastic in nature. One example is microwave … characteristics of the commons and their usage patterns. In particular, we find that property rights are not always the best solution …

possibility of an extreme tragedy of the commons: there exists a continuum of equilibria that completely deplete the common …