Economics of the Oceans Rights, Rents and Resources

About this book

It is an unfortunate truth that our oceans offer valuable resources that are too often used unsustainably. Time and again this is due to the failure of international law to provide a framework for adequate governance. Economics of the Oceans examines this issue and provides a comprehensive study of ocean uses from the perspectives of law and economics. Themes covered in Economics of the Oceans include ocean governance, the economics of oceanic resource exploitation, offshore oil, coral reefs, shipwrecks and maritime piracy. Analytical techniques such as basic game theory, environmental economics of the commons and cost-benefit analysis are employed to illuminate the topics. Economics of the Oceans will be of interest to students of environmental economics and natural resource management.

Contents

Part I: Introduction
1. Ocean Resources, Ocean Governance

Part II: Historic Wrecks, Modern Pirates
2. Economic Analysis of Legal Regimes Governing Salvage of Historic Shipwrecks
3. The Economics of Maritime Piracy
4. Maritime Piracy and International Law

Part III: Enclosure
5. Enclosure of the Oceans
6. An Economic Analysis of Drawing Lines in the Sea
7. Division of Economic Rents in the Timor Gap

Part IV: Fisheries Economics
8. Economics of the Fishery
9. Management of Fish Stocks

Part V: Fisheries Regime Formation
10. Impatience, Ecology and Fisheries Regime Formation
11. International Negotiations
12. Preponderant Actors and the Bargaining Game
13. Managing High Seas Fisheries
14. How and Why to Make a Fishery Treaty Ineffective

Part VI: Marine Mammals
15. Whales

Part VII: Coral Reefs, Marine Protected Areas, Wetlands
16. Coral Reef Economics
17. Marine Protected Areas, Optimal Policing and Optimal Rent Dissipation
18. Contractual Difficulties in Environmental Management: The case of wetland mitigation banking

Part VIII: Pollution
19. Oceans and Non-Point Source Pollution
20. Oil Pollution from Ships

Part IX: Minerals
21. Taxing Offshore Oil and Gas
22. US Royalty Relief, Rent Sharing and Offshore Oil Production
23. Deep Sea Mining

Customer Reviews

Biography

Paul Hallwood is Professor of Economics at the University of Connecticut, USA.