Abstract:Group decision-making is common in everyday life, whether a family is sharing a meal or a corporation is dividing profits. Research in economics on group decision-making has coalesced into a theory known as the tragedy of the commons, which states that resources are inevitably overused when shared by a group. However, even while multiple approaches to mitigating overuse of common resources have been put forward, notable counterexamples to the tragedy of the commons exist such that groups are ultimately able to… Show more
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