Some Law and Economics of Historic Shipwrecks
AbstractThis paper examines how US and proposed international law relate to the recovery of archaeological data from historic shipwrecks. It argues that US federal admiralty law of salvage gives far less protection to historic submerged sites than do US laws protecting archaeological sites on US federal and Indian lands. The paper offers a simple model in which the net present value of the salvage and archaeological investigation of an historic shipwreck is maximized. It is suggested that salvage law gives insufficient protection to archaeological data, but that UNESCO's Convention on the Protection of the Underwater Cultural Heritage goes too far in the other direction. It is also suggested that a move towards maximizing the net present value of a wreck would be promoted if the US admiralty courts explicitly tied the size of salvage awards to the quality of the archaeology performed.
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Bibliographic InfoPaper provided by University of Connecticut, Department of Economics in its series Working papers with number 2003-42.
Length: 21 pages
Date of creation: Nov 2003
Date of revision:
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More information through EDIRC
admiralty law of salvage; historic shipwreck; value of archaeology; UNESCO.;
Find related papers by JEL classification:
- K1 - Law and Economics - - Basic Areas of Law
This paper has been announced in the following NEP Reports:
- NEP-ALL-2003-11-09 (All new papers)
- NEP-HIS-2003-11-09 (Business, Economic & Financial History)
- NEP-LAW-2003-11-09 (Law & Economics)
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.:
- Fletcher-Tomenius, Paul & Forrest, Craig, 2000. "Historic wreck in international waters: conflict or consensus?," Marine Policy, Elsevier, vol. 24(1), pages 1-10, January.
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