Salvaging Historic Shipwrecks
AbstractThe salvage of historic shipwrecks involves a debate between profit-oriented salvagers, who wish to maximize profit, and archeologists, who wish to maximize historical value. We use a principal-agent model to derive the optimal reward scheme for salvagers, including a minimum duty of care in conducting the salvage operation. A review of U.S. and international law suggests that, while there is an emerging recognition of the need to devote greater care to salvaging those wrecks that are located, current doctrines provide inadequate incentives to locate historic wrecks in the first place.
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Bibliographic InfoPaper provided by University of Connecticut, Department of Economics in its series Working papers with number 2004-01.
Length: 17 pages
Date of creation: Jan 2004
Date of revision:
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More information through EDIRC
Historic shipwrecks; Law of salvage; Admiralty law; Archeological value.;
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-ACC-2004-07-11 (Accounting & Auditing)
- NEP-ALL-2004-01-25 (All new papers)
- NEP-CUL-2004-01-25 (Cultural Economics)
- NEP-HIS-2004-07-11 (Business, Economic & Financial History)
- NEP-LAW-2004-07-11 (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.:
- Russell Cooper, 1983. "On Allocative Distortions in Problems of Self-Selection," Cowles Foundation Discussion Papers 647R, Cowles Foundation for Research in Economics, Yale University.
- 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.
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