The U. S. government is concerned about the huge numbers of people converging on Yellowstone National Park every year. Government officials are worried that the park might be getting overused and the natural beauty will be ruined as a result. Suppose someone suggests dividing the park into private lots and selling them to individuals. Which of the following statements correctly describes how this solution might address the tragedy of the commons that is occurring? a. The cost of visiting privately owned land is always higher than the cost of visiting public land, so the number of visits will definitively decrease.
b. Land owners would be responsible to the government for any damage caused to the natural beauty of this land.
c. Each land owner would have to pay property taxes that would, at least in part, offset the damage to the land.
d. Each land owner would have to bear all of the costs and benefits of their choices about how many people to allow on the land each year.

cognitive overload: having a lot on your mind impairs decision-making and tends to result in the simplest, but not necessarily best, option being selected.

empathy gaps: overlooking how you might feel in a different situation can result in unnecessary purchases, such as overbuying when shopping for food on an empty stomach.

optimism and overconfidence: wearing rose-tinted glasses and having unrealistic expectations about the future can affect money management and leave you unprepared for a change in circumstance.

instant gratification: seeking instant gratification drives impulsive spending and can undermine long-term planning and savings.

harmful habits: automatic or mindless behaviour can amplify a poor financial decision as it becomes a recurring event.

social norms: we are heavily influenced by the actions of others; while this can be in certain circumstances, it also contributes to the pressure to keep up with the joneses through conspicuous consumption.

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