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Valuing Research Leads: Bioprospecting and the Conservation of Genetic Resources

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Author Info
Gordon Rausser (University of California at Berkeley)
Arthur Small (Columbia University)

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Abstract

Bioprospecting has been touted as a source of finance for biodiversity conservation. Recent work has suggested that the bioprospecting value of the "marginal unit" of genetic resources is likely to be vanishingly small, creating essentially no conservation incentive. This result is shown to flow specifically from a stylized description of the research process as one of brute-force testing, unaided by an organizing scientific framework. Scientific models channel research effort towards leads for which the exepected productivity of discoveries is highest. Leads of unusual promise then command information rents, associated with their role in reducing the costs of search. When genetic materials are abundant, information rents are virtually unaffected by increases in the profitability of product discovery, and decline as technology improvements lower search costs. Numerical simulation results suggest that, under plausible conditions, the bioprospecting value of certain genetic resources could be large enough to support market-based conservation of biodiversity.

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Paper provided by Berkeley Olin Program in Law & Economics in its series Berkeley Olin Program in Law & Economics, Working Paper Series with number 1022.

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Date of creation: 01 Sep 2000
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Handle: RePEc:cdl:oplwec:1022

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  1. Weitzman, Martin L, 1979. "Optimal Search for the Best Alternative," Econometrica, Econometric Society, vol. 47(3), pages 641-54, May. [Downloadable!] (restricted)
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  2. 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)
  3. Heal, G.M., 1995. "Markets and Biodiversity," Papers 95-17, Columbia - Graduate School of Business.
  4. Evenson, Robert E & Kislev, Yoav, 1976. "A Stochastic Model of Applied Research," Journal of Political Economy, University of Chicago Press, vol. 84(2), pages 265-81, April. [Downloadable!] (restricted)
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  6. 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. [Downloadable!] (restricted)
  7. 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)
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  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. Reichhuber, Anke & Requate, Till, 2007. "Alternative Use Systems for the Remaining Cloud Forest in Ethiopia and the Role of Arabica Coffee - A Cost-Benefit Analysis," Economics Working Papers 2007,07, Christian-Albrechts-University of Kiel, Department of Economics. [Downloadable!]
  3. King, John L., 2009. "Multinational Technology Diffusion in Agriculture," 2009 Annual Meeting, July 26-28, 2009, Milwaukee, Wisconsin 49820, Agricultural and Applied Economics Association. [Downloadable!]
  4. Gordon Rausser & Maya Papineau, 2008. "Managing R&D Risk in Renewable Energy," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series 1058, Department of Agricultural & Resource Economics, UC Berkeley. [Downloadable!]
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  5. Trommetter, M., 2004. "Biodiversity and international stakes : a question of access," Working Papers 200418, Grenoble Applied Economics Laboratory (GAEL). [Downloadable!]
    Other versions:
  6. Pascual, Unai & Dedeurwaerdere, Tom & Krishna, Vijesh, 2006. "Bioprospection Beyond Intellectual Property Rights: The Kani Model of Access and Benefit Sharing," 2006 Annual Meeting, August 12-18, 2006, Queensland, Australia 25377, International Association of Agricultural Economists. [Downloadable!]
  7. 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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  8. Matthew Potts & Jeffrey Vincent, 2008. "Spatial distribution of species populations, relative economic values, and the optimal size and number of reserves," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 39(2), pages 91-112, February. [Downloadable!] (restricted)
  9. Tom Dedeurwaerdere & Vijesh Krishna & Unai Pascual, 2005. "Biodiscovery and Intellectual Property Rights: A Dynamic Approach to Economic Efficiency," Environmental Economy and Policy Research Working Papers 13.2005, University of Cambridge, Department of Land Economics, revised 2005. [Downloadable!]
  10. Simpson, R. David, 2002. "Definitions of Biodiversity and Measures of Its Value," Discussion Papers dp-02-62, Resources For the Future. [Downloadable!]
  11. Amy Craft & R. Simpson, 2001. "The Value of Biodiversity in Pharmaceutical Research with Differentiated Products," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 18(1), pages 1-17, January. [Downloadable!] (restricted)
  12. Simpson, R. David, 2001. "A Note on the Valuation of Ecosystem Services in Production," Discussion Papers dp-01-16, Resources For the Future. [Downloadable!]
  13. Romina Cavatassi, 2004. "Valuation Methods for Environmental Benefits in Forestry and Watershed Investment Projects," Working Papers 04-01, Agricultural and Development Economics Division of the Food and Agriculture Organization of the United Nations (FAO - ESA). [Downloadable!]
  14. Patricia Silva & Stefano Pagiola, 2005. "A Review of the Valuation of Environmental Costs and Benefits in World Bank Projects," Others 0502007, EconWPA. [Downloadable!]
  15. Graff, Gregory & Roland-Holst, David & Zilberman, David, 2005. "Biotechnology and Poverty Reduction in Developing Countries," Working Papers RP2005/27, World Institute for Development Economic Research (UNU-WIDER). [Downloadable!]
  16. Oliver Deke, 2001. "Conserving Biodiversity by Commercialization? A Model Framework for a Market for Genetic Resources," Kiel Working Papers 1054, Kiel Institute for the World Economy. [Downloadable!]
  17. Marcoul, Philippe & Weninger, Quinn, 2004. "Search and active learning with correlated information: Empirical evidence from Mid-Atlantic clam fishermen," Staff General Research Papers 11601, Iowa State University, Department of Economics.
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