Treatment of uncompensated cost of marine accidents in a model of welfare economics
By: Gouliehnos, Alexander M.
Contributor(s): Giziakis, Kostas.
Material type:
ArticlePublisher: 1998Description: p.183-87.Subject(s): Marine transport | Health and safety | Accidents
In:
Disaster Prevention and Management: an International JournalSummary: Attempts to determine the main economic principles that should underline the policies towards safety of ships, cargoes and persons. They applied a model from welfare economics through which they established an "acceptable" or "optimum" level of marine accidents at a point where marginal cost of preventing marine accidents equals the marginal costs of fewer marine accidents. Using mainly graphical analysis they tested whether the Oil Pollution Act is a policy measure in the right direction or not. Similar insights were made for the International Safety Code of IMO which tries to establish quality in shipping through reducing marine accidents (and preventing pollution). This application, to the best of the authors' knowledge, was performed forthe first time. - Reproduced
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Indian Institute of Public Administration | Volume no: 7, Issue no: 3 | Available | AR40840 |
Attempts to determine the main economic principles that should underline the policies towards safety of ships, cargoes and persons. They applied a model from welfare economics through which they established an "acceptable" or "optimum" level of marine accidents at a point where marginal cost of preventing marine accidents equals the marginal costs of fewer marine accidents. Using mainly graphical analysis they tested whether the Oil Pollution Act is a policy measure in the right direction or not. Similar insights were made for the International Safety Code of IMO which tries to establish quality in shipping through reducing marine accidents (and preventing pollution). This application, to the best of the authors' knowledge, was performed forthe first time. - Reproduced
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