Denise M. Mulholland (Office of Policy, Planning and Evaluation, United States Environmental Protection Agency) Elizabeth A. Wilman () (Department of Economics, University of Calgary)
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An economic model for a biodiversity prospecting contract, between a developing country and a pharmaceutical company is developed. The theoretical model is compared with observed contracts and those being developed by biodiversity expects. It is found that these contracts roughly reflect the character of the economic model, although due to asymmetric information and risk aversion, the contracts are often second-best.
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Paper provided by Australian National University, Centre for Resource and Environmental Studies, Ecological Economics Program in its series Working Papers in Ecological Economics with number
9806.