Economists have been interested in the free-market ways of pirates for a while. Last year a team of three published a paper
drawing on data from more than 10,000 negotiations that took place from
1575 to 1739 between North African pirates on one side and monks acting
for Spanish families on the other. They found that the Spanish managed
to pay lower ransoms by dragging talks out. Data on the activities of
present-day pirates in Somalia are more, well, patchy. To fill the gap,
the authors of a new paper gathered data from pirate negotiators.http://www.economist.com/news/finance-and-economics/21567077-how-negotiate-pirates-horn-africa-bargain-somali
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