Tuesday, May 08, 2012

The Economics of Being Kidnapped By Pirates

Gabriel Rossman: "Kidnapped by Pirates at Sea? Here's How Economics Can Save You".

Of course, when this kind of force is involved, there is no true "market", but there are game-theoretic considerations. I must admit to liking Julius Caesar's ultimate solution (at the end of the article).  

Update: The correct author is Gabriel Rossman (guest-blogging for Megan McArdle in her absence). Sorry about that, Dr. Rossman!