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Pirates and traders: Some economics of pirate-infested seas

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  • Guha, Brishti
  • Guha, Ashok S.
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    Abstract

    Even where all agents are risk-neutral, merchants can insure themselves against piracy. Such self-insurance is surprisingly invulnerable to moral hazard. Further, there exist a patrolling intensity and/or penalties for captured pirates which, along with mercantile self-insurance, could eliminate piracy.

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    File URL: http://www.sciencedirect.com/science/article/B6V84-524FS8J-1/2/a25fa5b7d24c6fb29f3250d28a3c4131
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    Bibliographic Info

    Article provided by Elsevier in its journal Economics Letters.

    Volume (Year): 111 (2011)
    Issue (Month): 2 (May)
    Pages: 147-150

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    Handle: RePEc:eee:ecolet:v:111:y:2011:i:2:p:147-150

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    Web page: http://www.elsevier.com/locate/ecolet

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    Keywords: Piracy Violent crime Economies of scale Penalties Moral hazard Self-insurance;

    References

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    1. Juin-Jen Chang & Huei-Chung Lu & Mingshen Chen, 2005. "Organized Crime or Individual Crime? Endogenous Size of a Criminal Organization and the Optimal Law Enforcement," Economic Inquiry, Western Economic Association International, vol. 43(3), pages 661-675, July.
    2. James E. Anderson & Douglas Marcouiller, S.J., 1997. "Anarchy and Autarky: Endogenous Predation as a Barrier to Trade," Boston College Working Papers in Economics 383, Boston College Department of Economics, revised 01 Oct 2001.
    3. Nuno Garoupa, 1997. "The economics of organized crime and optimal law enforcement," Economics Working Papers 246, Department of Economics and Business, Universitat Pompeu Fabra, revised Dec 1997.
    4. Gary S. Becker, 1968. "Crime and Punishment: An Economic Approach," Journal of Political Economy, University of Chicago Press, vol. 76, pages 169.
    5. Peter Leeson, 2009. "The calculus of piratical consent: the myth of the myth of social contract," Public Choice, Springer, vol. 139(3), pages 443-459, June.
    6. Dick, Andrew R., 1995. "When does organized crime pay? A transaction cost analysis," International Review of Law and Economics, Elsevier, vol. 15(1), pages 25-45, January.
    7. Peter T. Leeson, 2007. "An-arrgh-chy: The Law and Economics of Pirate Organization," Journal of Political Economy, University of Chicago Press, vol. 115(6), pages 1049-1094, December.
    8. Stergios Skaperdas, 2001. "The political economy of organized crime: providing protection when the state does not," Economics of Governance, Springer, vol. 2(3), pages 173-202, November.
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    Cited by:
    1. Guha, Brishti, 2012. "Pirates and fishermen: Is less patrolling always bad?," Journal of Economic Behavior & Organization, Elsevier, vol. 81(1), pages 29-38.

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