Should there be a "cost-benefit analysis of fighting maritime piracy? The Government Accountability Office says it might be a good idea in its report "MARITIME SECURITY Ongoing U.S. Counterpiracy Efforts Would Benefit From Agency Assessments"

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If you are looking for humor of a sort, you might look at the following table:

I would suggest that the difference in the "Pirate response to armed security teams" between the Horn of Africa and Gulf of Guinea has a great deal to do with the variation in the quality of the private security teams between the two areas. So ... just sayin'  - there are many kinds of "cost effectiveness."
Hat tip to USNI News.