Societies provide institutions that are costly to use, but able to enforce long-run relationships. We study the optimal decision problem of using self-governance for risk sharing or governance through enforcement provided by these institutions. Third-party enforcement is modelled as a costly...

The first case study has a national scope and involves a wide variety of the maritime activities identified in the main report. The second case study is concentrated around one specific activity/subject and has a transnational scope. The first case study concerns the economic benefits of MSP in...