Somali Piracy: For the Money or for the Honor?

Abstract

This chapter examines the motivations of Somali pirates using an economic model of job selection. We specifically examine the question of whether the main motivation of modern-day pirates is specifically monetary gain or the larger goal of protecting Somalia’s national interests from over-fishing and other unfair practices by foreign governments, as some have asserted. Simple calculations suggest that monetary gains constitute sufficient motivation for most Somalis, given the high return piracy promises relative to legal employment, coupled with the low expected cost of sanctions.