Murky Waters: The Law and Economics of Salvaging Historic Shipwrecks
AbstractThe salvage of historic shipwrecks involves a debate between salvors, who wish to maximize profit, and archaeologists, who wish to preserve historical value. Traditionally, salvage of shipwrecks has been governed by admiralty law, but the Abandoned Shipwreck Act of 1987 transferred title of historically important wrecks in U.S. waters to the state in whose waters the wreck is found, thereby abrogating admiralty law. This paper examines incentives to locate and salvage historic wrecks under traditional admiralty law and proposes an efficient reward scheme. It then reconsiders current U.S. and international law in light of the results.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by University of Chicago Press in its journal The Journal of Legal Studies.
Volume (Year): 35 (2006)
Issue (Month): 2 (06)
Contact details of provider:
Web page: http://www.journals.uchicago.edu/JLS/
Other versions of this item:
- Paul Hallwood & Thomas J. Miceli, 2004. "Murky Waters: The Law and Economics of Salvaging Historic Shipwrecks," Working papers 2004-40, University of Connecticut, Department of Economics.
- K1 - Law and Economics - - Basic Areas of Law
- K33 - Law and Economics - - Other Substantive Areas of Law - - - International Law
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Ypersele, T.P.M.C. van & Shavell, S., 1999.
"Rewards versus Intellectual Property Rights,"
1999-26, Tilburg University, Center for Economic Research.
- Kaplow, Louis & Shavell, Steven, 2002.
"Economic analysis of law,"
Handbook of Public Economics,
in: A. J. Auerbach & M. Feldstein (ed.), Handbook of Public Economics, edition 1, volume 3, chapter 25, pages 1661-1784
- William M. Landes & Richard A. Posner, 1978. "Salvors, Finders, Good Samaritans and Other Rescuers: An Economic Study of Law and Altruism," NBER Working Papers 0227, National Bureau of Economic Research, Inc.
- Dromgoole, Sarah, 2004. "Murky waters for government policy: the case of a 17th century British warship and 10 tonnes of gold coins," Marine Policy, Elsevier, vol. 28(3), pages 189-198, May.
- Lueck, Dean, 1995. "The Rule of First Possession and the Design of the Law," Journal of Law and Economics, University of Chicago Press, vol. 38(2), pages 393-436, October.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Journals Division).
If references are entirely missing, you can add them using this form.