Economics of the Oceans

"This book provides a comprehensive introduction to the economic uses of oceanic resources, the rights to exploit them and the division of the economic rents, or surpluses, between, at one level, sovereign powers, and at another between individual users that use ocean space.Oceanic resources are diverse. Offshore oil deposits are the most valuable oceanic resource measured by the dollar value of annual production but other mineral resources including manganese, shale and sand are also important along with marine mammal resources, fisheries and sea birds.The laying of submarine cables, regulation of shipping, international economic law and pollution are all factors that impinge upon these resources and the author meticulously underlines how these competing interests interact with one another. An appendix providing a grounding in microeconomic theory helps illuminate the extremely diverse subject matter"-- "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 and natural resource management"--