Tragedy of the Commons, College-Style

Another example of how common ownership of property or resources leads to misuse of property and tragic results:

"The Berry College (Georgia) Student Government Association (SGA) used student activity funds to purchase 20 bicycles for student use on campus.

The bright red bicycles, each with an identifying plate reading “Berry Bike,” were available to al students on a “first-come, first-served” basis, making them a common property resource. In spite of the relatively favorable environment for common-property bicycles at Berry College, it took less than two months for many of the bikes to be lost, stolen, or abused.

Read more here.