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An Economic Analysis of Drawing Lines in the Sea

Author

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  • Paul Hallwood

    (University of Connecticut)

Abstract

It is shown that low dispute costs relative to expected resource rents from oceanic resources favor drawn out disputes over maritime boundaries; asymmetric dispute costs favor agreement on boundaries wanted by the low dispute cost state party; and high symmetric dispute costs favor formation of joint development zones. The fact that most maritime boundaries have not yet been drawn suggests that state parties think that resource rents that can be drawn from the oceans are high relative to dispute costs. Moreover, the recent mini-trend towards JDZs in East Asia suggests that state parties in the area have recently reassessed dispute costs as being higher than previously believed.

Suggested Citation

  • Paul Hallwood, 2007. "An Economic Analysis of Drawing Lines in the Sea," Working papers 2007-21, University of Connecticut, Department of Economics.
    • Handle: RePEc:uct:uconnp:2007-21
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    More about this item

    Keywords

    Law of the Sea; joint development zones; maritime boundaries; marine boundaries; lines in the sea;
    All these keywords.

    JEL classification:

    • F51 - International Economics - - International Relations, National Security, and International Political Economy - - - International Conflicts; Negotiations; Sanctions
    • Q22 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Fishery
    • Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy

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