Culture has attributes of a global public good that needs to be preserved for mankind as a whole. World Culture Certificates are proposed to efficiently preserve World Heritage. The community of nations has to agree on the Global Heritage List and how much each nation is to contribute to that purpose. Each World Heritage site conserved is acknowledged through the issuance of a tradable Certificate. Countries and private firms are induced to seek sites where financial resources can be spent most productively. This leads to an efficient allocation of resources to preserve World Heritage.
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Paper provided by Center for Research in Economics, Management and the Arts (CREMA) in its series CREMA Working Paper Series with number
2009-13.
Find related papers by JEL classification: Z11 - Other Special Topics - - Cultural Economics - - - Economics of the Arts and Literature D6 - Microeconomics - - Welfare Economics F5 - International Economics - - International Relations and International Political Economy H87 - Public Economics - - Miscellaneous Issues - - - International Fiscal Issues; International Public Goods
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