Updated: Nov 23, 2020
Where the Tragedy of the Commons meets Salience Bias
Economic concept
The Tragedy Of The Commons is a situation in a shared-resource system where individual users, acting independently according to their own self-interest, behave contrary to the common good of all users, by depleting or spoiling that resource through their collective action. (Wikipedia)
Psychological Concept
Salience bias (also known as perceptual salience) is the cognitive bias that predisposes individuals to focus on items that are more prominent or emotionally striking and ignore those that are unremarkable, even though this difference is often irrelevant by objective standards. (Wikipedia)
Resolution Approaches:
Carbon Taxes
Cap and Trade schemes
Alternative energy Tax incentives
(Threat of) Law suites for climate change damages. (Causality is difficult but increasingly demonstrable )
Related Article(s):
"Firms face physical, regulatory and legal risks from climate change" - The Economist, 09/21/2019