Open-access resource theory

Open-access resource theory explains how resources that are freely available to everyone, like fisheries or groundwater, tend to become overused and depleted. Since no one owns or has exclusive rights, individuals naturally try to maximize their personal benefit, often leading to over-extraction. This situation can cause resource decline, harming everyone in the long run. The theory highlights the need for regulations or shared management to prevent overuse and ensure sustainable use of these common resources for future generations.