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Murky Waters: The Law and Economics of Salvaging Historic Shipwrecks

Author

Listed:
  • Paul Hallwood

    (University of Connecticut)

  • Thomas J. Miceli

    (University of Connecticut)

Abstract

The salvage of historic shipwrecks involves a debate between salvors, who wish to maximize profit, and archeologists, who wish to preserve historical value. Traditionally, salvage of shipwrecks has been governed by admiralty law, but the Abandoned Shipwreck Act of 1987 transferred title of historically important wrecks in U.S. waters to the state in whose waters the wreck is found, thereby abrogating admiralty law. This paper examines incentives to locate and salvage historic wrecks under traditional admiralty law and proposes an efficient reward scheme. It then re-considers current U.S. and international law in light of the results.

Suggested Citation

  • Paul Hallwood & Thomas J. Miceli, 2004. "Murky Waters: The Law and Economics of Salvaging Historic Shipwrecks," Working papers 2004-40, University of Connecticut, Department of Economics.
    • Handle: RePEc:uct:uconnp:2004-40
    Note: We acknowledge the helpful comments of Dr. Toni Carrell, Robert Neyland, and an anonymous referee.
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    References listed on IDEAS

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    1. Kaplow, Louis & Shavell, Steven, 2002. "Economic analysis of law," Handbook of Public Economics, in: A. J. Auerbach & M. Feldstein (ed.), Handbook of Public Economics, edition 1, volume 3, chapter 25, pages 1661-1784, Elsevier.
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    Cited by:

    1. Paul Hallwood & Thomas J. Miceli, 2020. "Unearthing T. Rex: The Law And Economics Of Paleontological Finds," Contemporary Economic Policy, Western Economic Association International, vol. 38(4), pages 723-735, October.

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    More about this item

    Keywords

    Historic shipwrecks; Law of salvage; Admiralty law; Archeological value.;
    All these keywords.

    JEL classification:

    • K1 - Law and Economics - - Basic Areas of Law
    • K33 - Law and Economics - - Other Substantive Areas of Law - - - International Law

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