Protecting Antiquities: A Role for Long-Term Leases?
AbstractMost countries prohibit the export of certain antiquities. This practice often leads to illegal excavation and looting for the black market, which damages the items and compromises the archaeological record. We consider the prospect of long-term antiquity leases and sales contracts with a pre-arranged repurchase option. Such mechanisms could raise revenue for the country of origin, while preserving long-term national ownership rights. We show that leases, which leave the country of origin in charge of future recontracting, are optimal mechanisms for resolving adverse selection, and that they have good properties for addressing corruption. Option contracts deliver more revenue now and are therefore useful for reducing credit constraints. Allowing those who disclose the existence of antiquities the right to lease objects overseas for a xed period could create incentives to reveal the location of hidden objects.
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Bibliographic InfoPaper provided by The University of Melbourne in its series Department of Economics - Working Papers Series with number 1114.
Length: 41 pages
Date of creation: 2010
Date of revision:
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More information through EDIRC
Antiquities; Corruption; Hold Up; Illicit Trade; Market Design;
Find related papers by JEL classification:
- D02 - Microeconomics - - General - - - Institutions: Design, Formation, and Operations
- K42 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - Illegal Behavior and the Enforcement of Law
- Q34 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Natural Resources and Domestic and International Conflicts
- Z11 - Other Special Topics - - Cultural Economics - - - Economics of the Arts and Literature
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