DEFINITIONDefinition:An act of boarding or attempting to board anyship with the intent to commit theft or anyother crime and with the intent or capability touse force in the furtherance of that act.”
FACTS & FIGURES 2011• 439 REPORTED PIRACYS ATTACKS• 275 OFF SOMALIA & GULF OF GUINEA• 802 CREW MEMBERS TAKEN HOSTAGE• 8 CREW MEMBERS ACTUALLY KILLED
SUMMARYPirates would appear to be the very essence of rationalprofit maximizing entrepreneurs described in neoclassical economics:Expected profits determine decisions based oninformation available. The supply of pirates, therefore,is closely related to the expected benefits of being apirate and the associated risk adjusted costs. We ignore them at our peril!!!!!!