The Tragedy of the Commons will be evident when a growing number of crocodile hunters leads to the loss of crocodiles in many rivers: Possible solutions to this problem include:
A)providing only a limited number of hunting permits to the hunters
B)internalising the externality by using crocodile ranches to turn the animals into a private good
C)reduce the hunting season for crocodiles
D)all of the above could be done

Question

Quizplus · Accepted Answer

All of the solutions provided could be done to address the Tragedy of the Commons in this situation. Providing a limited number of hunting permits would help limit the number of hunters and reduce the overall impact on the crocodile population. Internalising the externality by using crocodile ranches would also help turn the animals into a private good and reduce the negative impact on wild populations. Finally, reducing the hunting season would help further limit the impact on the crocodile population by reducing the time period in which hunting is allowed. Therefore, a combination of these solutions would be most effective in addressing the Tragedy of the Commons in this situation.

The Tragedy of the Commons Will Be Evident When a Growing