1st Edition

Economics of the Oceans Rights, Rents and Resources

By Paul Hallwood Copyright 2014
    320 Pages 49 B/W Illustrations
    by Routledge

    320 Pages 49 B/W Illustrations
    by Routledge

    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 the book 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.

    This book will be of interest to students of environmental economics, natural resource economics and management, and the economics of international law as relating to the oceans.

    1. Introduction  2. Enclosure Of The Oceans 3. An Economic Analysis Of Drawing Lines In The Sea  4. East Timor: A Sorry Tale Of International Negotiations over Lines in The Sea And The Division of Offshore Oil Rents  5. Economics of The Fishery  6. Management of Fish Stocks  7. Open Access Resources: Tragedy Of Living Marine Resources  8. International Negotiations: Some Success and Failures  9. General Considerations in Forming International Agreements on the Use Of Ocean Resources  10. Impatience, Number of Players And Oceanic Regime Formation  11. Preponderant Actors and the Bargaining Game  12. Managing High Seas Fisheries  13. Why Sign Treaties that will be Ineffective and the Parties  Know It In Advance  14. Blue Whales, other Favorite Cetaceans And The International  Whaling Commission  15. Oceans and Non-Point Source Pollution  16. Coral Reef Economics  17. Protected Areas, Optimal Policing and Optimal Rent Dissipation  18. The Economics of International Cooperation in the Apprehension and Prosecution Of Maritime Pirates  19. Economic Analysis of the Legal Regimes Governing Salvage of Historic Shipwrecks  20. Taxing Offshore Oil, Opening US Offshore Oil Provinces and Technological Advance in the Offshore Oil Industry  21. A Note On US Royalty Relief, Rent Sharing And Offshore Oil Production   22. Some Economics of Marine Cables  23. International Agreement on Deep Seabed Mining   24. Contractual Difficulties in Environmental Management:The Case Of Wetland Mitigation Banking  Appendix: A Brief Review of Microeconomics


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

    'This unique study combines ecological concepts and neoclassical economic models with case studies to analyze critical problems relating to the oceans.  Using the perspectives  oflaw and economics, Hallwood (Univ. of Connecticut) provides both historical context and a discussion of how conflict resolution institutions may help solve problems pertaining to oceans. This book will interest students of environmental economics, natural resource economics and management, and the economics of international law.
    Summing Up: Highly recommended.' 
    B. F. Hope, emeritus, California State  University, for CHOICE

    'Finally a textbook that covers more than just fisheries! This is the perfect companion for the growing number of courses focused on how society uses and abuses the scarce resources of the ocean' — John Lynham, University of Hawaii at Manoa, USA