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Protecting Antiquities: A Role for Long-Term Leases? - Tom Wilkening

Tracks
Room: CBE LT2
Thursday, June 29, 2023
4:45 PM - 5:15 PM

Overview

SMART CONTRACTING Convenor: Richard Holden


Speaker

Professor Tom Wilkening
Professor
University of Melbourne

Protecting Antiquities: A Role for Long-Term Leases?

Abstract

In order to preserve cultural patrimony for future generations, most countries ban exports of antiquities. However, this may drive trade underground, particularly in low-income and low-state capacity contexts. Illegal and clandestine trade in antiquities can irreversibly damage cultural heritage because looters sometimes use rapid but destructive methods, such as pneumatic drills, and deliberately destroy the archeological record that is vital to understanding the past. Even with perfect enforcement, export bans may reduce maintenance incentives. We argue that complementing export bans with fixed-duration, long-term leases can strengthen incentives for maintenance and revelation of antiquities, while preserving cultural patrimony and raising revenue. Allowing only leases rather than sales limits potential losses from corrupt deals between foreign collectors and government officials. Standardized contracts specifying procedures for care and insurance of leased antiquities, lease length, and procedures for qualifying bidders may also be necessary to limit corruption and establish a well-functioning market.

Biography

Tom Wilkening is Professor of Economics at the University of Melbourne. His areas of research are in experimental economics, behavioral economics, and market design. In his research, Professor Wilkening explores how to design markets, auctions, and economic institutions in environments where behavioral biases and inexperience may affect how people make decisions. His research combines experimental economics with theory to understand how markets evolve and to understand the role the government and private sector might play to improve them.
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