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KidnapInside the Ransom Business$
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Anja Shortland

Print publication date: 2019

Print ISBN-13: 9780198815471

Published to Oxford Scholarship Online: January 2019

DOI: 10.1093/oso/9780198815471.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (www.oxfordscholarship.com). (c) Copyright Oxford University Press, 2019. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 15 September 2019

The Case of the CEC Future

The Case of the CEC Future

Chapter:
(p.131) 7 The Case of the CEC Future
Source:
Kidnap
Author(s):

Anja Shortland

Publisher:
Oxford University Press
DOI:10.1093/oso/9780198815471.003.0007

How do you set a mutually agreeable price for a fully laden ship and crew held by pirates? This chapter analyses the transcript of a real pirate ransom negotiation in the light of the economic theories of price formation in anarchic bargaining developed in Chapter 6. Personalities assert themselves, tempers fray, and both negotiating parties split in the stress of the negotiation. Principals and agents are divided and regroup in new ways. The negotiation demonstrates both the wisdom of the Lloyd’s protocol and the difficulty of applying it in real life. Having witnessed this tense negotiation conducted in 2008/9, we understand why Somali pirate ransoms spiralled out of control.

Keywords:   ransom negotiation, Somali piracy, price formation, principal–agent problems, threats, cooperation

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