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The Value of Biodiversity in Pharmaceutical Research with Differentiated Products

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Author Info
Amy Craft
R. Simpson
Abstract

Biologists and conservation advocates have expressed grave concern over perceived threats to biological diversity. ``Biodiversity prospecting'' – the search among naturally occurring organisms for new products of agricultural, industrial, and, particularly, pharmaceutical value – has been advanced as both a mechanism and a motive for conserving biological diversity. Economists and others have attempted to estimate the value of biodiversity for use in new pharmaceutical project research. In this paper we apply a new approach to estimating values: we employ two models of competition among differentiated products. Each model confirms previous findings that the value to private researchers of the ``marginal species'' is likely to be small. The models can have very different implications with respect to social values, however. These findings underscore the need for a better understanding of the true meaning of diversity. Copyright Kluwer Academic Publishers 2001

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File URL: http://hdl.handle.net/10.1023/A:1011170024649
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Publisher Info
Article provided by European Association of Environmental and Resource Economists in its journal Environmental and Resource Economics.

Volume (Year): 18 (2001)
Issue (Month): 1 (January)
Pages: 1-17
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Handle: RePEc:kap:enreec:v:18:y:2001:i:1:p:1-17

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Related research
Keywords: biodiversity prospecting; differentiated products; habitat conversion; pharmaceutical research and development;

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References listed on IDEAS
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.:
  1. Solow Andrew & Polasky Stephen & Broadus James, 1993. "On the Measurement of Biological Diversity," Journal of Environmental Economics and Management, Elsevier, vol. 24(1), pages 60-68, January. [Downloadable!] (restricted)
  2. Simpson, R. David & Craft, Amy, 1996. "The Social Value of Using Biodiversity in New Pharmaceutical Product Research," Discussion Papers dp-96-33, Resources For the Future. [Downloadable!]
  3. Rausser, G.C. & Small. A.A., 1998. "Bioprospecting with Patent Races," Papers 98-07, Columbia - Graduate School of Business.
  4. Steven C. Salop, 1979. "Monopolistic Competition with Outside Goods," Bell Journal of Economics, The RAND Corporation, vol. 10(1), pages 141-156, Spring. [Downloadable!] (restricted)
  5. Brown, Gardner Jr. & Goldstein, Jon H., 1984. "A model for valuing endangered species," Journal of Environmental Economics and Management, Elsevier, vol. 11(4), pages 303-309, December. [Downloadable!] (restricted)
  6. Economides, Nicholas, 1989. "Symmetric equilibrium existence and optimality in differentiated product markets," Journal of Economic Theory, Elsevier, vol. 47(1), pages 178-194, February. [Downloadable!] (restricted)
  7. Dixit, Avinash K & Stiglitz, Joseph E, 1977. "Monopolistic Competition and Optimum Product Diversity," American Economic Review, American Economic Association, vol. 67(3), pages 297-308, June. [Downloadable!] (restricted)
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  8. 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. [Downloadable!] (restricted)
  9. Sedjo, Roger & Simpson, R. David, 1996. "Valuation of Biodiversity for Use in New Product Research in a Model of Sequential Search," Discussion Papers dp-96-27, Resources For the Future. [Downloadable!]
  10. Gordon Rausser & Arthur Small, 2000. "Valuing Research Leads: Bioprospecting and the Conservation of Genetic Resources," Berkeley Olin Program in Law & Economics, Working Paper Series 1022, Berkeley Olin Program in Law & Economics. [Downloadable!]
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(explanations, 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.)

  1. Timo Goeschl & Timothy Swanson, 2002. "The Social Value of Biodiversity for R&D," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 22(4), pages 477-504, August. [Downloadable!] (restricted)
  2. Ilhem Kassar & Pierre Lasserre, 2002. "Species Preservation and Biodiversity Value: A Real Options Approach," CIRANO Working Papers 2002s-82, CIRANO. [Downloadable!]
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  3. William Brock & Anastasios Xepapadeas, . "Valuing Biodiversity from an Economic Perspective: AUnified Economic, Ecological and Genetic Approach," Working Papers 0301, University of Crete, Department of Economics. [Downloadable!]
    Other versions:
  4. repec:att:wimass:1920117 is not listed on IDEAS
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