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Salvaging Historic Shipwrecks

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  • Paul Hallwood

    (University of Connecticut)

  • Thomas J. Miceli

    (University of Connecticut)

Abstract

The 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 Info

Paper provided by University of Connecticut, Department of Economics in its series Working papers with number 2004-01.

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Length: 17 pages
Date of creation: Jan 2004
Date of revision:
Handle: RePEc:uct:uconnp:2004-01

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Postal: University of Connecticut 341 Mansfield Road, Unit 1063 Storrs, CT 06269-1063
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Web page: http://www.econ.uconn.edu/
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Related research

Keywords: Historic shipwrecks; Law of salvage; Admiralty law; Archeological value.;

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  1. Russell Cooper, 1983. "On Allocative Distortions in Problems of Self-Selection," Cowles Foundation Discussion Papers 647R, Cowles Foundation for Research in Economics, Yale University.
  2. 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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