The fundamental focus of this paper refers to the possibility of improving the allocation mechanism of maritime domain as a common good through the introduction of relevant stakeholders of the maritime domain, including the users, into the system of allocation decision-making, and what contributes to the rationalization of the mechanism. Rationalization reflects thru reduction of information imperfections and overcome the inadequacies of specific knowledge in the form of inability to have all the relevant information necessary for the implementation of efficient allocation decisions by public authorities. Achieving this reduction is aimed at ensuring a better informed decision­ making in terms of increasing the sum of knowledge about important local specificities through a partnership elation of relevant stakeholders in the formal allocation decision­ making system. This partnership contributes to the possibility of establishing self­ governing institutional arrangements capable to incorporate prominent micro local specificities of the maritime domain, and economic governance approach demonstrates itself as an adequate approach for evaluation of these institutional effects. It stands out also thru categorization of maritime domain primarily as a common good with its narrower categorization as a public goods. Under rationalization processes are also considered to be reduction of, theoretically and empirically confirmed, inherent imperfections of allocation decisions made solely by action of the public authorities. Rationalization is focused also on improving the monitoring and controlling system of the use of maritime domain, particularly bearing in mind cost reduction in the processes of monitoring, exclusion and sanction of offenders in the use of maritime domain by increasing the motivation of stakeholders involved in the allocation decision-making for collaborative action. In this way, the consequent reduction of excessive and uncontrolled use of the maritime domain, which occurs because of the characteristics of rivalry of consumption perceived as subtractability of use of available maritime domain units and difficulty of excluding potential beneficiaries, can increase the likelihood of long-term sustainability of the good and ensure the complete fulfilment of national interests in this sense. Such rationalization activities directly and indirectly increase the transparency and scientific and technical foundations of allocation decisions which also has an impact on improving the allocation process. In terms of rationalization, this is largely reflected in the reduction of time consumption required for the adoption and implementation of allocation decisions, which affects and stimulates the acceleration of the development of maritime economy. The proposed model of allocation of the maritime domain is based on that, and it has been validated through an experimental study whose results support the conclusion that, thru inclusion of the stakeholders in the allocation decision-making system on the common resources, the reduction of the resource exploitation intensity as well as increase of net benefits and cost reduction can be achieved, which further contributes to the long-term sustainability of the resource.