What is the tragedy of the commons?

What is the tragedy of the commons?

The tragedy of the commons refers to a situation where a shared resource, such as a common grazing land or a fishery, is overexploited or depleted due to individual self-interest and the absence of property rights or regulations. In this scenario, each individual user has an incentive to maximize their own benefit by exploiting the resource, leading to its degradation or depletion, ultimately harming the collective welfare.