Ostrom explains research
Elinor Ostrom, the first woman to win a Nobel Prize in economics, visited Rice Sept. 23 to speak at the biennial Social Dilemmas Conference, held in the Baker Institute for Public Policy by the School of Social Sciences. The program featured presentations by prominent social speakers on causes and solutions for today's collective issues. Ostrom's lecture was entitled "Cooperating for the Common Good: Challenging Supposed Impossibilities and Panaceas." During her speech, Ostrom addressed the research she had done on the management of common resources. Ostrom said that humans can work together to combat the tragedy of the commons - the belief that people, being self-interested, will deplete a shared resource - and instead ensure resource sustainability. Ostrom's findings contradict the popular belief that this phenomenon is inevitable. Ostrom said that communities which utilize common resources can devise regulatory systems that help prevent resource exhaustion. In fact, she said that when people communicate, they manage natural resources with 92 percent optimality.