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Shipwrecks on the Great Lakes and the Lake Carriers Association

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  • Christopher S Decker

    (Department of Economics, University of Nebraska at Omaha, 60th and Dodge Street, Omaha, NE 68182, USA)

  • William Corcoran

    (Department of Economics, University of Nebraska at Omaha, 60th and Dodge Street, Omaha, NE 68182, USA)

  • David T Flynn

    (Department of Economics, University of North Dakota, Gamble 290 Centennial Drive, Grand Forks, ND 58202, USA)

Abstract

In this paper, we investigate the relationship between accident-related shipping losses on the Great Lakes between 1900 and 1939 and the role the Lake Carriers Association (LCA) played in limiting or preventing such losses. Moreover, we address the relative benefits of private sector effort, through the LCA, and public sector efforts to reduce shipwrecks and capital losses through National Weather Bureau stations. Overall, our results confirm existing research that National Weather Bureau stations reduce accident-related shipping losses. However, we also find that increased membership in the LCA also reduced such losses, and to a significant degree.

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Bibliographic Info

Article provided by Palgrave Macmillan in its journal Eastern Economic Journal.

Volume (Year): 37 (2011)
Issue (Month): 4 ()
Pages: 450-469

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Handle: RePEc:pal:easeco:v:37:y:2011:i:4:p:450-469

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  1. Fraas, Arthur G & Greer, Douglas F, 1977. "Market Structure and Price Collusion: An Empirical Analysis," Journal of Industrial Economics, Wiley Blackwell, Wiley Blackwell, vol. 26(1), pages 21-44, September.
  2. Jonathan M. Karpoff, 2001. "Public versus Private Initiative in Arctic Exploration: The Effects of Incentives and Organizational Structure," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 109(1), pages 38-78, February.
  3. Posner, Richard A, 1970. "A Statistical Study of Antitrust Enforcement," Journal of Law and Economics, University of Chicago Press, University of Chicago Press, vol. 13(2), pages 365-419, October.
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