Suppose a lake is overfished until the fish stock is depleted. This is an example of:

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Overfishing is often caused by a lack of established property rights, which makes it difficult to regulate fishing activity and prevents a sustainable management of fish stocks. When nobody owns the rights to the fish, individuals and companies have an incentive to catch as many fish as possible before their competitors do, leading to a tragedy of the commons and eventually to depletion of the resource. A system of property rights that assigns clear ownership to fishermen or to the public as a whole could help prevent overfishing and ensure a more sustainable use of aquatic resources.

Suppose a Lake Is Overfished Until the Fish Stock Is