Modern Maritime Piracy
AbstractThis essay provides and economic analysis of the problem of modern-day maritime piracy. The essay first reviews the current scope of the problem, and then develops an economic of model of piracy that emphasizes the strategic interaction between the efforts of pirates to locate potential targets, and shippers to avoid contact. The model provides the basis for deriving an optimal enforcement policy, which is then compared to actual enforcement efforts, which, for a variety of reasons, have largely been ineffectual. The essay concludes by reviewing the law of maritime piracy and by offering some proposals for improving enforcement.
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Bibliographic InfoPaper provided by University of Connecticut, Department of Economics in its series Working papers with number 2014-01.
Length: 20 pages
Date of creation: Jan 2014
Date of revision:
Note: Forthcoming in Encyclopedia of Law and Economics, Jurgen Backhaus, ed.
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Web page: http://www.econ.uconn.edu/
More information through EDIRC
International law; law enforcement; piracy;
Find related papers by JEL classification:
- K14 - Law and Economics - - Basic Areas of Law - - - Criminal Law
- K33 - Law and Economics - - Other Substantive Areas of Law - - - International Law
This paper has been announced in the following NEP Reports:
- NEP-ALL-2014-01-24 (All new papers)
- NEP-IUE-2014-01-24 (Informal & Underground Economics)
- NEP-LAW-2014-01-24 (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.:
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- Keith N. Hylton, 1996. "Optimal Law Enforcement and Victim Precaution," RAND Journal of Economics, The RAND Corporation, vol. 27(1), pages 197-206, Spring.
- Gary S. Becker, 1968.
"Crime and Punishment: An Economic Approach,"
Journal of Political Economy,
University of Chicago Press, vol. 76, pages 169.
- Helen B Bendall, 2010. "Cost of piracy: A comparative voyage approach," Maritime Economics and Logistics, Palgrave Macmillan, vol. 12(2), pages 178-195, June.
- Peter T. Leeson, 2007. "An-arrgh-chy: The Law and Economics of Pirate Organization," Journal of Political Economy, University of Chicago Press, vol. 115(6), pages 1049-1094, December.
- Paul Hallwood & Thomas J. Miceli, 2013. "An Economic Analysis of Maritime Piracy and its Control," Scottish Journal of Political Economy, Scottish Economic Society, vol. 60(4), pages 343-359, 09.
- Naranjo, Alberto J., 2010. "Spillover effects of domestic law enforcement policies," International Review of Law and Economics, Elsevier, vol. 30(3), pages 265-275, September.
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