Protecting Antiquities: A Role for Long-Term Leases?
Most 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.
|Date of creation:||2010|
|Contact details of provider:|| Postal: Department of Economics, The University of Melbourne, 4th Floor, FBE Building, Level 4, 111 Barry Street. Victoria, 3010, Australia|
Phone: +61 3 8344 5355
Fax: +61 3 8344 6899
Web page: http://fbe.unimelb.edu.au/economics
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Bénabou, Roland & Tirole, Jean, 2007.
"Identity, Dignity and Taboos: Beliefs as Assets,"
CEPR Discussion Papers
6123, C.E.P.R. Discussion Papers.
- Michael Kremer & Seema Jayachandran, 2002.
NBER Working Papers
8953, National Bureau of Economic Research, Inc.
- Alvin E. Roth, 2006.
"Repugnance as a Constraint on Markets,"
NBER Working Papers
12702, National Bureau of Economic Research, Inc.
When requesting a correction, please mention this item's handle: RePEc:mlb:wpaper:1114. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Katherine Perez)
If references are entirely missing, you can add them using this form.