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.
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Bibliographic InfoArticle provided by University of Chicago Press in its journal The Journal of Legal Studies.
Volume (Year): 35 (2006)
Issue (Month): 2 (06)
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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
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