Elinor Ostrom has challenged the conventional wisdom that common property is poorly managed and should be either regulated by central authorities or privatized. Based on numerous studies of user-managed fish stocks, pastures, woods, lakes, and groundwater basins, Ostrom concludes that the outcomes are, more often than not, better than predicted by standard theories. She observes that resource users frequently develop sophisticated mechanisms for decision-making and rule enforcement to handle conflicts of interest, and she characterizes the rules that promote successful outcomes.
Tuesday, June 12, 2012
Sad News: Elinor Ostrom has Died
From NPR: Economics Nobel prize winner Elinor Ostrom has passed away in Indiana. The NPR report contains this quote from the Nobel committee:
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