On the sustainability of common property resources

We provide a model where a common property resource is managed by two types of agents, cooperators and non-cooperators, who adjust their extraction strategies in response to persistent differential payoffs. In our model, the social approval of cooperators works as a reward mechanism which, as we show, favors both the pervasiveness of cooperative behavior and the sustainable management of natural resources. Specifically, we show that in the presence of such a reward mechanism a stable equilibrium can be reached with both strategies being practiced simultaneously and a decentralized and sustainable management of common property resources is possible.