Economic Foundations of the Law of the Sea
Eric A. Posner
University of Chicago - Law School
Alan O. Sykes
Stanford University - Law School
December 16, 2009
U of Chicago Law & Economics, Olin Working Paper No. 504
Stanford Law and Economics Olin Working
The United Nations Convention on the Law of the Sea has a plausible economic logic. Jurisdiction over portions of the ocean is assigned to states which can regulate them most cheaply and value them the most. These jurisdictional rights are subject to limits that reflect the interests of other states in navigation and other uses of the seas. For the vast areas of the ocean that no state can regulate, the Convention provides for an open access regime subject to simple rules, mostly self-enforcing, to limit conflict over resources.
Number of Pages in PDF File: 30
Date posted: December 17, 2009
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