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 archeologists, 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 re-considers 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 InfoPaper provided by University of Connecticut, Department of Economics in its series Working papers with number 2004-40.
Length: 27 pages
Date of creation: Dec 2004
Date of revision:
Note: We acknowledge the helpful comments of Dr. Toni Carrell, Robert Neyland, and an anonymous referee.
Contact details of provider:
Postal: University of Connecticut 341 Mansfield Road, Unit 1063 Storrs, CT 06269-1063
Phone: (860) 486-4889
Fax: (860) 486-4463
Web page: http://www.econ.uconn.edu/
More information through EDIRC
Historic shipwrecks; Law of salvage; Admiralty law; Archeological value.;
Other versions of this item:
- Paul Hallwood & Thomas J. Miceli, 2006. "Murky Waters: The Law and Economics of Salvaging Historic Shipwrecks," The Journal of Legal Studies, University of Chicago Press, vol. 35(2), pages 285-302, 06.
- K1 - Law and Economics - - Basic Areas of Law
- K33 - Law and Economics - - Other Substantive Areas of Law - - - International Law
This paper has been announced in the following NEP Reports:
- NEP-ALL-2005-01-02 (All new papers)
- NEP-LAW-2005-01-02 (Law & Economics)
- NEP-REG-2005-01-02 (Regulation)
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.:
- Shavell, Steven & van Ypersele, Tanguy, 2001.
"Rewards versus Intellectual Property Rights,"
Journal of Law and Economics,
University of Chicago Press, vol. 44(2), pages 525-47, October.
- SHAVELL, Steven & VAN YPERSELE, Tanguy, . "Rewards versus intellectual property rights," CORE Discussion Papers RP -1597, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Steven Shavell & Tanguy van Ypersele, 1999. "Rewards versus Intellectual Property Rights," NBER Working Papers 6956, National Bureau of Economic Research, Inc.
- Ypersele, T.P.M.C. van & Shavell, S., 1999. "Rewards versus Intellectual Property Rights," Discussion Paper 1999-26, Tilburg University, Center for Economic Research.
- Louis Kaplow & Steven Shavell, 1999.
"Economic Analysis of Law,"
NBER Working Papers
6960, 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.
- Mortensen, Dale T, 1982. "Property Rights and Efficiency in Mating, Racing, and Related Games," American Economic Review, American Economic Association, vol. 72(5), pages 968-79, December.
- 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.
- 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.
- Paul Hallwood & Thomas J. Miceli, 2014. "Unearthing T. Rex: The Law and Economics of Paleontological Finds," Working papers 2014-07, University of Connecticut, Department of Economics.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Kasey Kniffin).
If references are entirely missing, you can add them using this form.