This note is a part of my Zettelkasten. What is below might not be complete or accurate. It
is also likely to change often.
One proposed solution to the Tragedy of the commons problem has been to transfer the ownership of Public Goods to private/individual hands with the implication that Investment Efficiency will increase and the resource will be valued.
In the original case of from Hardin's herders from Tragedy of the commons, the privatization solution would be to divide the grazing land into two parts and assign each to each herder.
Soon each herder has to maintain his property and keeps it protected from others (means investing in fencing, monitoring, security). Also, since Land is not a commodity, it can almost never be divided such that value is equal. There will be risks and benefits to each piece of land - it might be that one herder's land doesn't yield any grass on one year and the other's is overgrown. Problems like these can be overcome by buying and selling grass or a sort of insurance scheme to share the risks but Building good institutions has a cost.
What about commons where the establishment of individual property rights is out of the question? Fisheries are an example. Some proposed solutions include giving quotas on time and resource extraction.