What is the professor’s opinion of privatization for the management of an environmental resource?

Listen to part of a conversation between a student and a manager. (S = Student, P = Professor)
P: Well, what do you guys suggest? Carol?
S: Maybe privatize the resource? A private owner would want to manage the resource efficiently in a sustainable way.
P: Okay. But the problem is privatization doesn’t necessarily result in better management of an environmental resource. Any ideas on why it wouldn’t?
S: Well, an individual owner might not properly assess the limit of the resource so they could be just as prone to overexploit that resource as a group, where lots of people have access to it.