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Economic Foundations of the Law of the Sea

30 Pages Posted: 17 Dec 2009  

Eric A. Posner

University of Chicago - Law School

Alan O. Sykes

Stanford University - Law School

Date Written: December 16, 2009

Abstract

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

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

Eric A. Posner (Contact Author)

University of Chicago - Law School ( email )

1111 E. 60th St.
Chicago, IL 60637
United States
773-702-0425 (Phone)
773-702-0730 (Fax)

HOME PAGE: http://www.law.uchicago.edu/faculty/posner-e/

Alan O'Neil Sykes

Stanford University - Law School ( email )

559 Nathan Abbott Way
Stanford, CA 94305-8610
United States

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