30 Pages Posted: 17 Dec 2009
Date Written: December 16, 2009
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.
Suggested Citation: Suggested Citation
Posner, Eric A. and Sykes, Alan O., Economic Foundations of the Law of the Sea (December 16, 2009). U of Chicago Law & Economics, Olin Working Paper No. 504; Stanford Law and Economics Olin Working. Available at SSRN: https://ssrn.com/abstract=1524274 or http://dx.doi.org/10.2139/ssrn.1524274