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|
|Note:||Forthcoming in Encyclopedia of Law and Economics, Jurgen Backhaus, ed.|
|Contact details of provider:|| Postal: University of Connecticut 365 Fairfield Way, 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
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.:
- Gary S. Becker, 1968.
"Crime and Punishment: An Economic Approach,"
Journal of Political Economy,
University of Chicago Press, vol. 76, pages 169-169.
- Shavell, Steven, 1991. "Individual precautions to prevent theft: Private versus socially optimal behavior," International Review of Law and Economics, Elsevier, vol. 11(2), pages 123-132, September.
- Guha, Brishti & Guha, Ashok S., 2011. "Pirates and traders: Some economics of pirate-infested seas," Economics Letters, Elsevier, vol. 111(2), pages 147-150, May.
- 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.
- Sami Bensassi & Inmaculada Martínez-Zarzoso, 2012.
"How Costly is Modern Maritime Piracy to the International Community?,"
Review of International Economics,
Wiley Blackwell, vol. 20(5), pages 869-883, November.
- Sami Bensassi & Inmaculada Martínez-Zarzoso, 2011. "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.
- Bensassi, Sami & Martínez-Zarzoso, Inmaculada, 2010. "How Costly is Modern Maritime Piracy for the International Community?," MPRA Paper 27134, University Library of Munich, Germany.
- 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.
- Helen B Bendall, 2010. "Cost of piracy: A comparative voyage approach," Maritime Economics & Logistics, Palgrave Macmillan;International Association of Maritime Economists (IAME), vol. 12(2), pages 178-195, June.
- Hong, Nong & Ng, Adolf K.Y., 2010. "The international legal instruments in addressing piracy and maritime terrorism: A critical review," Research in Transportation Economics, Elsevier, vol. 27(1), pages 51-60.
- Keith N. Hylton, 1996. "Optimal Law Enforcement and Victim Precaution," RAND Journal of Economics, The RAND Corporation, vol. 27(1), pages 197-206, Spring.
- 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.
When requesting a correction, please mention this item's handle: RePEc:uct:uconnp:2014-01. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Mark McConnel)
If references are entirely missing, you can add them using this form.