11.5.12

Pirates paper of the day

Our intermediate estimate suggests that the creation of $120 million of revenue for pirates in the Somalia area led to a welfare loss of over $1:5 billion.
That is from the new paper by Besley, Fetzer, Mueller "One Kind of Lawlessness: Estimating the Welfare Cost of Somali Piracy" (April 2012). 
A map from the paper:

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