Shades of gray: product differentiation in antiquities markets

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dc.contributor.authorShortland, Anja
dc.contributor.authorWinton, Sami Fortune
dc.date.accessioned2023-06-16T15:02:16Z
dc.date.available2023-06-16T15:02:16Z
dc.date.issued2023-06-01
dc.description.abstractThe market for antiquities is characterized by quality uncertainty in two senses. First, most market participants cannot distinguish between genuine antiquities, fakes, and forgeries. Second, it is difficult to identify stolen, looted, and illegally circulating artifacts. Trading in high-quality antiquities thus requires solving an Akerlofian lemons problem in two dimensions. However, because quality is so opaque, many buyers are indifferent to one or both dimensions. This creates what might be termed a lemons opportunity: entrepreneurs create institutions to maintain separate platforms for trading artifacts of different quality profiles. We analyze the private for-profit governance that facilitates transactions in eight submarkets and protects them from criminality, opportunism, and law enforcement.en_UK
dc.identifier.citationShortland A, Fortune Winton S. (2023) Shades of gray: product differentiation in antiquities markets. Journal of Private Enterprise, Volume 38, Issue 1, June 2023, pp. 1-27en_UK
dc.identifier.issn0890-913X
dc.identifier.urihttp://journal.apee.org/index.php?title=2023_Journal_of_Private_Enterprise_Vol_38_No1_Spring_parte1&gsearch=Shades of Gray: Product Differentiation in Antiquities Markets
dc.identifier.urihttps://dspace.lib.cranfield.ac.uk/handle/1826/19809
dc.language.isoenen_UK
dc.publisherThe Association of Private Enterprise Education (APEE)en_UK
dc.rightsAttribution-NonCommercial 4.0 International*
dc.rights.urihttp://creativecommons.org/licenses/by-nc/4.0/*
dc.subjectantiquitiesen_UK
dc.subjectcultural-heritage crimeen_UK
dc.subjectprivate governanceen_UK
dc.subjectAkerlofen_UK
dc.subjectinstitutional economicsen_UK
dc.titleShades of gray: product differentiation in antiquities marketsen_UK
dc.typeArticleen_UK

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