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An Economic Analysis Of Somali Piracy Deterrence Strategies Within The Context Of The Economic Theory Of Crime And Punishment, Ryan Castello
An Economic Analysis Of Somali Piracy Deterrence Strategies Within The Context Of The Economic Theory Of Crime And Punishment, Ryan Castello
Honors Theses
From 2006 to 2010, the number of reported piracy incidents perpetrated by Somali pirates, has increased from 19 to 212 per year, an alarming trend for the international shipping industry. This paper examines the increasing number of pirate attacks within the context of the theory developed in, Crime and Punishment: An Economic Approach (Becker, 1968). This paper demonstrates the supply of pirates is a function of probability of punishment, severity of penalty, as well as institutional factors. This research entails a theoretical discussion, and an analysis of the available data on Somali piracy. The theoretical discussion combines theory with current …