Pirational choice: The economics of infamous pirate practices

Peter Leeson

Journal of Economic Behavior & Organization, 2010, vol. 76, issue 3, 497-510

Abstract: Abstract This paper investigates the economics of infamous pirate practices. Two closely related economic theories--the theory of signaling and the theory of reputation building--explain these practices. First, I examine the pirate flag, "Jolly Roger," which pirates used to signal their identity as unconstrained outlaws, enabling them to take prizes without costly conflict. Second, I consider how pirates combined heinous torture, public displays of "madness," and published advertisement of their fiendishness to establish a reputation that prevented costly captive behaviors. Pirates' infamous practices reduced their criminal enterprise's costs and increased its revenues, enhancing the profitability of life "on the account."

Keywords: Pirates; Organized; crime; Signalling; Reputation (search for similar items in EconPapers)
Date: 2010
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Citations: View citations in EconPapers (35)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:jeborg:v:76:y:2010:i:3:p:497-510

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