Tragedy of the Commons:The situation in which individuals, acting independently and rationally according to their own self-interest, will ultimately deplete or destroy a shared resource, even when it is not in anyone's long-term interest for this to happen.
Collective Action Problem: A situation in which individuals fail to cooperate even though it would be in their collective best interest to do so, often leading to suboptimal outcomes.
Incentive Structure: The set of rewards and punishments that shape the behavior of individuals and influence their decision-making.