I assume that most of you are familiar with the concept of the Tragedy of the Commons. If you aren't, well, that was a Wikipedia link right there.

However, fewer are familiar with the Tragedy of the Anticommons, a term coined by Michael Heller. Where the Tragedy of the Commons is created by too little ownership, the Tragedy of the Anticommons is created by too much.

For instance, the classical solution to the TotC is to divide up the commons between the herders using it, giving each of them ownership for a particular part. This gives each owner an incentive to enforce its sustainability. But what would happen if the commons were divided up to thousands of miniature pieces, say one square inch each? In order to herd your cattle, you'd have to acquire permission from hundreds of different owners. Not only would this be a massive undertaking by itself, any one of them could say no, potentially ruining your entire attempt.

This isn't just a theoretical issue. In his book, Heller offers numerous examples, such as this one:

 ...gridlock prevents a promising treatment for Alzheimer's diseases being tested. The head of research at a "Big Pharma" drugmaker told me that his lab scientists developed the potential cure (call it Compound X) years ago, but biotech competitors blocked its development. ... the company developing Compound X needed to pay every owner of a patent relevant to its testing. Ignoring even one would invite an expensive and crippling lawsuit. Each patent holder viewed its own discovery as the crucial one and demanded a corresponding fee, until the demands exceeded the drug's expected profits. None of the patent owners would yield first. ...
This story does not have a happy ending. No valiant patent bundler came along. Because the head of research could not figure out how to pay off all the patent owners and still have a good chance of earning a profit, he shifted his priorities to less ambitious options. Funding went to spin-offs of existing drugs for which his firm already controlled the underlying patents. His lab reluctantly shelved Compound X even though he was certain the science was solid, the market huge, and the potential for easing human suffering beyond measure.