Economics of the Oceans : Rights, Rents and Resources book cover
1st Edition

Economics of the Oceans
Rights, Rents and Resources

ISBN 9780415639118
Published February 14, 2014 by Routledge
320 Pages 49 B/W Illustrations

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Book Description

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.

Table of 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

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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