Examlex
The problem caused by goods that are considered common resources is that they are:
Escalating Commitment
The continuation of a course of action even though it is not working.
Cost-Benefit Impact
The analysis or effect of comparing the costs and benefits of a decision, project, or investment.
Behavioural Decision Model
A theoretical framework focusing on the cognitive, social, and emotional influences on individual and collective decision-making processes.
Bounded Rationality
A concept suggesting that in decision-making, individuals are limited by the information they have, their cognitive limitations, and the finite amount of time they have to make a decision.
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