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Bioprospecting with Patent Races

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Author Info

  • Rausser, G.C.
  • Small. A.A.

Abstract

Previous work on bioprospecting has suggested that the potential market returns to genetic resource conservation are likely to be inconsequential. This article shows that when the buyers of genetic resource options are also competitors in patent races, sellers can extract all the surplus associated with their holdings. Under reasonable conditions, the ex ante return to genetic resource assets will then be determined, not by their marginal contribution to surplus, but by their average contribution. The result implies that several bioeconomic studies reporting large average species values provide credible estimates of the strength of market incentives for biodiversity conservation.

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Bibliographic Info

Paper provided by Columbia - Graduate School of Business in its series Papers with number 98-07.

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Length: 17 pages
Date of creation: 1998
Date of revision:
Handle: RePEc:fth:colubu:98-07

Contact details of provider:
Postal: U.S.A.; COLUMBIA UNIVERSITY, GRADUATE SCHOOL OF BUSINESS, PAINE WEBBER , New York, NY 10027 U.S.A
Phone: (212) 854-5553
Web page: http://www.columbia.edu/cu/business/
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Related research

Keywords: PATENTS ; BIOLOGY ; INNOVATIONS;

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Cited by:
  1. 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.
  2. Lybbert, Travis J. & Barrett, Christopher B. & Narjisse, Hamid, 2002. "Market-based conservation and local benefits: the case of argan oil in Morocco," Ecological Economics, Elsevier, vol. 41(1), pages 125-144, April.
  3. Barrett, Christopher B. & Lybbert, Travis J., 1999. "Is Bioprospecting A Viable Strategy for Conserving Tropical Ecosystems?," Working Papers 127695, Cornell University, Department of Applied Economics and Management.
  4. 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.

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