To illustrate why oceans will be overfished, suppose a professor puts twenty beads on her desk and promises the class that she will double the number of beads on the desk every five minutes. Any student can come up any time and take any number of beads. At the end of the class, she will pay 10 cents a bead.

a. What policy is best for the class as a whole?

b. What policy is best for each student?

c. How would property rights help?