What term describes the phenomenon where shared resources are overused and depleted due to lack of ownership?

The term that describes the phenomenon where shared resources are overused and depleted due to lack of ownership is "Tragedy of the commons." This concept illustrates how individuals, acting in their own self-interest regarding a shared resource, can lead to its degradation. The lack of ownership creates a scenario where people do not feel personally accountable for the resource, leading to overexploitation.

In essence, because the resource is accessible to everyone, individuals tend to prioritize immediate personal gain over the long-term sustainability of the resource. This results in depletion, as users collectively consume the resource without consideration for future availability. The "Tragedy of the commons" thus highlights a significant issue in environmental economics and resource management, where cooperative behavior is essential to prevent ecological disaster.

While "collective benefit" refers to the advantages gained through group collaboration, it does not specifically address the overuse or depletion of resources. The "public goods dilemma" involves different dynamics related to provisioning public goods but does not capture the essence of the shared resource depletion as described in this context. "Shared resources crisis" is not a widely recognized term in sociological or economic theory, thus lacking the specific implications and framework provided by "Tragedy of the commons."