Modern Maritime Piracy
This 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.
|Date of creation:||Jan 2014|
|Date of revision:|
|Note:||Forthcoming in Encyclopedia of Law and Economics, Jurgen Backhaus, ed.|
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"How Costly is Modern Maritime Piracy for the International Community?,"
Ibero America Institute for Econ. Research (IAI) Discussion Papers
208, Ibero-America Institute for Economic Research.
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- Bensassi, Sami & Martínez-Zarzoso, Inmaculada, 2010. "How Costly is Modern Maritime Piracy for the International Community?," MPRA Paper 27134, University Library of Munich, Germany.
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- James A. Fawcett, 2010. "Challenges to apprehension and prosecution of East African maritime pirates," Maritime Policy & Management, Taylor & Francis Journals, vol. 37(7), pages 753-765, December.
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