Abstract
This entry provides an economic analysis of the problem of modern-day maritime piracy by first reviewing the current scope of the problem and then developing an economic 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 that, for a variety of reasons, have largely been ineffectual. The entry concludes by reviewing the law of maritime piracy and by offering some proposals for improving enforcement.
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Hallwood, P., Miceli, T.J. (2019). Piracy, Modern Maritime. In: Marciano, A., Ramello, G.B. (eds) Encyclopedia of Law and Economics. Springer, New York, NY. https://doi.org/10.1007/978-1-4614-7753-2_67
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DOI: https://doi.org/10.1007/978-1-4614-7753-2_67
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