Of pirates and their economics

For those of you who want some really interesting reading in economics, try An-arrgh-chy: The Law and Economics of Pirate Organization.

For a taste of it, try this:

Modeling this problem is straightforward. Consider a pirate ship of complete but imperfect information with a captain and two factions” of ordinary pirates that together comprise the ship’s crew (...)

[h/t to Obsidian Wings]