Salvaging Historic Shipwrecks

The salvage of historic shipwrecks involves a debate between profit-oriented salvagers, who wish to maximize profit, and archeologists, who wish to maximize historical value. We use a principal-agent model to derive the optimal reward scheme for salvagers, including a minimum duty of care in conducting the salvage operation. A review of U.S. and international law suggests that, while there is an emerging recognition of the need to devote greater care to salvaging those wrecks that are located, current doctrines provide inadequate incentives to locate historic wrecks in the first place.

Some Law and Economics of Historic Shipwrecks

This paper examines how US and proposed international law relate to the recovery of archaeological data from historic shipwrecks. It argues that US federal admiralty law of salvage gives far less protection to historic submerged sites than do US laws protecting archaeological sites on US federal and Indian lands. The paper offers a simple model in which the net present value of the salvage and archaeological investigation of an historic shipwreck is maximized. It is suggested that salvage law gives insufficient protection to archaeological data, but that UNESCO's Convention on the Protection of the Underwater Cultural Heritage goes too far in the other direction. It is also suggested that a move towards maximizing the net present value of a wreck would be promoted if the US admiralty courts explicitly tied the size of salvage awards to the quality of the archaeology performed.

Murky Waters: The Law and Economics of Salvaging Historic Shipwrecks

The salvage of historic shipwrecks involves a debate between salvors, who wish to maximize profit, and archeologists, who wish to preserve historical value. Traditionally, salvage of shipwrecks has been governed by admiralty law, but the Abandoned Shipwreck Act of 1987 transferred title of historically important wrecks in U.S. waters to the state in whose waters the wreck is found, thereby abrogating admiralty law. This paper examines incentives to locate and salvage historic wrecks under traditional admiralty law and proposes an efficient reward scheme. It then re-considers current U.S. and international law in light of the results.

Tab. 1: Trace-element concentrations in ore samples collected from mercury mines and deposits in southwestern Alaska

A belt of small but numerous mercury deposits extends for about 500 km in the Kuskokwim River region of southwestern Alaska. The southwestern Alaska mercury belt is part of widespread mercury deposits of the circum Pacific region that are similar to other mercury deposits throughout the world because they are epithermal with formation temperatures of about 200 °C, the ore is dominantly cinnabar with Hg-Sb-As±Au geochemistry, and mineralized forms include vein, vein breccias, stockworks, replacements, and disseminations. The southwestern Alaska mercury belt has produced about 1400 t of mercury, which is small on an international scale. However, additional mercury deposits are likely to be discovered because the terrain is topographically low with significant vegetation cover. Anomalous concentrations of gold in cinnabar ore suggest that gold deposits are possible in higher temperature environments below some of the Alaska mercury deposits. We correlate mineralization of the southwestern Alaska mercury deposits with Late Cretaceous and early Tertiary igneous activity. Our 40Ar/39Ar ages of 70 ±3 Ma from hydrothermal sericites in the mercury deposits indicate a temporal association of igneous activity and mineralization. Furthermore, we suggest that our geological ancl geochemical data from the mercury deposits indicate that ore fluids were generated primarily in surrounding sedimentary wall rocks when they were cut by Late Cretaceous and early Tertiary intrusions. In our ore genesis model, igneous activity provided the heat to initiate dehydration reactions and expel fluids from hydrous minerals and formational waters in the surrounding sedimentary wall rocks, causing thermal convection and hydrothermal fluid flow through permeable rocks and along fractures and faults. Our isotopic data from sulfide and alteration minerals of the mercury deposits indicate that ore fluids were derived from multiple sources, with most ore fluids originating from the sedimentary wall rocks.

La Rédaction. Musée de la Maison d'École à Montceau-les-Mines, Groupe de recherche pédagogique, Cahier numéro 1, 2009, 62 páginas

Fil: Peláez, Agustina. Universidad Nacional de La Plata. Facultad de Humanidades y Ciencias de la Educación; Argentina.

La Rédaction. Musée de la Maison d'École à Montceau-les-Mines, Groupe de recherche pédagogique, Cahier numéro 1, 2009, 62 páginas

Fil: Peláez, Agustina. Universidad Nacional de La Plata. Facultad de Humanidades y Ciencias de la Educación; Argentina.