THE CAUSES AND CONSEQUENCES OF THE COMMONS DILEMMA IN NATURAL RESOURCE ECONOMICS
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This paper has three basic purposes. The first is to review a rigorous framework for the analysis of commons dilemmas proposed by Dasgupta that avoids many basic faults of the usual apparatus. The second is to relate this analysis of the commons to models of external effects and public foods. Properly formulated, the commons dilemma may be considered as a choice constrained by these external effects, making it a problem of the "Second Best." The third purpose is to extend the analysis into the literature on strategic interdependence, especially problems in the economics of expectation formation. The paper concludes with a general summary of the redirections implied for both theory and empirical research in natural resource economics.