Question

Suppose walden pond is a common-property resource—anyone can fish without having to pay for access. swan lake is privately owned—people who want to fish must purchase one of a limited number of permits from the lake's owner each season.

Answer 1

According to the Incentives that private ownership creates, Fischer Pond is more likely to experience a dwindling stock of fish each season. This is a way of protecting the property as well as protecting the fish, and the natural environment.