Elinor Ostrom’s work on collective management of common pool resources doesn’t get enough credit.
Transaction and monitoring costs and capability are critical, but are usually handwaved; there’s no mention at all in the OP of the importance of building an arrangement that is easily monitored and tested by all participants, even though in real world case studies, the presence or absence of that factor is often the difference between success and failure.
Elinor Ostrom’s work on collective management of common pool resources doesn’t get enough credit.
Transaction and monitoring costs and capability are critical, but are usually handwaved; there’s no mention at all in the OP of the importance of building an arrangement that is easily monitored and tested by all participants, even though in real world case studies, the presence or absence of that factor is often the difference between success and failure.