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Valuing insurance services emerging from a gene bank: The case of the Greek Gene Bank

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  • Xepapadeas, Anastasios
  • Ralli, Parthenopi
  • Kougea, Eva
  • Spyrou, Sofia
  • Stavropoulos, Nikolaos
  • Tsiaousi, Vasiliki
  • Tsivelikas, Athanasios

Abstract

We develop a conceptual framework for determining insurance values associated with a gene bank and we apply the methodology to the Greek Gene Bank (GGB), the largest ex situ conservation program in Greece. To evaluate the insurance value generated by the holdings of the GGB genetic resources, the current study examined scenarios for alternative arrival probabilities of an adverse event that would negatively affect production of seven major staple crops held at the GGB within the next 100years. Within the range of our estimates, it is indicated that insurance values considerably exceed the current operating costs of maintaining the GGB.

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Bibliographic Info

Article provided by Elsevier in its journal Ecological Economics.

Volume (Year): 97 (2014)
Issue (Month): C ()
Pages: 140-149

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Handle: RePEc:eee:ecolec:v:97:y:2014:i:c:p:140-149

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Web page: http://www.elsevier.com/locate/ecolecon

Related research

Keywords: Gene bank; Valuation; Insurance value; Triggering event; Poisson arrival;

References

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  1. Martin L. Weitzman, 2009. "On Modeling and Interpreting the Economics of Catastrophic Climate Change," The Review of Economics and Statistics, MIT Press, vol. 91(1), pages 1-19, February.
  2. Scheinkman, Jose A. & Zariphopoulou, Thaleia, 2001. "Optimal Environmental Management in the Presence of Irreversibilities," Journal of Economic Theory, Elsevier, vol. 96(1-2), pages 180-207, January.
  3. Arrow, Kenneth J & Fisher, Anthony C, 1974. "Environmental Preservation, Uncertainty, and Irreversibility," The Quarterly Journal of Economics, MIT Press, vol. 88(2), pages 312-19, May.
  4. Douglas Gollin & Melinda Smale & Bent Skovmand, 2000. "Searching an Ex Situ Collection of Wheat Genetic Resources," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 82(4), pages 812-827.
  5. Athanassoglou, Stergios & Xepapadeas, Anastasios, 2012. "Pollution control with uncertain stock dynamics: When, and how, to be precautious," Journal of Environmental Economics and Management, Elsevier, vol. 63(3), pages 304-320.
  6. Robert S. Pindyck, 2011. "Fat Tails, Thin Tails, and Climate Change Policy," Review of Environmental Economics and Policy, Association of Environmental and Resource Economists, vol. 5(2), pages 258-274, Summer.
  7. Robert S. Pindyck, 2013. "Climate Change Policy: What Do the Models Tell Us?," Journal of Economic Literature, American Economic Association, vol. 51(3), pages 860-72, September.
  8. Wright, Brian D., 1997. "Crop genetic resource policy: the role of ex situ genebanks," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 41(1), March.
  9. Simpson, R David & Sedjo, Roger A & Reid, John W, 1996. "Valuing Biodiversity for Use in Pharmaceutical Research," Journal of Political Economy, University of Chicago Press, vol. 104(1), pages 163-85, February.
  10. Armineh Zohrabian & Greg Traxler & Steven Caudill & Melinda Smale, 2003. "Valuing Pre-Commercial Genetic Resources: A Maximum Entropy Approach," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 85(2), pages 429-436.
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