The standard principal agent model considers monetary incentives only. It is assumed that money is more efficient than other forms of material, non-monetary compensation. Awards in the form of titles, orders, medals and honors (prizes) - though almost omnipresent - have so far escaped the...

This paper presents a proposal to deal with cultural overtourism causing substantial negative e!ects. They burden the local population, tourists, and the natural environment by overcrowding, vandalism, and pollution. While at present tourism is suppressed by governments due to the COVID-19...

The burning of fossil fuels not only causes CO2 emissions but at the same time impairs local environmental quality such as ambient air quality. The present paper analyzes the possible distortion arising from international trade in CO2 emissions when local externalities persist. It is...

This paper presents a proposal to deal with cultural overtourism causing substantial negative e!ects. They burden the local population, tourists, and the natural environment by overcrowding, vandalism, and pollution. While at present tourism is suppressed by governments due to the COVID-19...

The negative external effects caused by Cultural Overtourism were evident at various cultural sites, especially in Europe. However, the exogenous shock of a pandemic and the consequences of governmental interventions resulted in a situation of worldwide Undertourism. It is to be expected that...