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Search, bioprospecting, and biodiversity conservation

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  • Costello, Christopher
  • Ward, Michael B.

Abstract

To what extent can private-sector bioprospecting incentives be relied upon for the protection of biological diversity? The literature contains dramatically different estimates of these incentives from trivial to quite large. We resolve this controversy by isolating the fundamental source of the discrepancy and then providing empirically defensible estimates based on that analysis. Results demonstrate that the bioprospecting incentive is unlikely to generate much private-sector conservation. Thus, other mechanisms are likely required to preserve the public good of biodiversity.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 26527.

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Date of creation: 2007
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Publication status: Published in Journal of Environmental Economics and Management 2.53(2007): pp. 158-179
Handle: RePEc:pra:mprapa:26527

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Keywords: Bioprospecting; biodiversity; conservation; efficient search; information;

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References

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  1. Ilhem Kassar & Pierre Lasserre, 2002. "Species Preservation and Biodiversity Value: A Real Options Approach," Cahiers de recherche du Département des sciences économiques, UQAM, Université du Québec à Montréal, Département des sciences économiques 20-18, Université du Québec à Montréal, Département des sciences économiques.
  2. Polasky Stephen & Solow Andrew R., 1995. "On the Value of a Collection of Species," Journal of Environmental Economics and Management, Elsevier, vol. 29(3), pages 298-303, November.
  3. Weitzman, Martin L, 1979. "Optimal Search for the Best Alternative," Econometrica, Econometric Society, Econometric Society, vol. 47(3), pages 641-54, May.
  4. DiMasi, Joseph A. & Hansen, Ronald W. & Grabowski, Henry G., 2003. "The price of innovation: new estimates of drug development costs," Journal of Health Economics, Elsevier, Elsevier, vol. 22(2), pages 151-185, March.
  5. Gordon C. Rausser & Arthur A. Small, 2000. "Valuing Research Leads: Bioprospecting and the Conservation of Genetic Resources," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 108(1), pages 173-206, February.
  6. Stephen Polasky & Andrew Solow & James Broadus, 1993. "Searching for uncertain benefits and the conservation of biological diversity," Environmental & Resource Economics, European Association of Environmental and Resource Economists, European Association of Environmental and Resource Economists, vol. 3(2), pages 171-181, April.
  7. DiMasi, Joseph A. & Hansen, Ronald W. & Grabowski, Henry G. & Lasagna, Louis, 1991. "Cost of innovation in the pharmaceutical industry," Journal of Health Economics, Elsevier, Elsevier, vol. 10(2), pages 107-142, July.
  8. Grabowski, Henry G. & Vernon, John M., 1994. "Returns to R&D on new drug introductions in the 1980s," Journal of Health Economics, Elsevier, Elsevier, vol. 13(4), pages 383-406.
  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, University of Chicago Press, vol. 104(1), pages 163-85, February.
  10. Martin L. Weitzman, 1998. "Gamma Discounting," Harvard Institute of Economic Research Working Papers, Harvard - Institute of Economic Research 1843, Harvard - Institute of Economic Research.
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Cited by:
  1. Wright, Brian D. & Pardey, Philip G. & Nottenburg, Carol & Koo, Bonwoo, 2007. "Agricultural Innovation: Investments and Incentives," Handbook of Agricultural Economics, Elsevier, Elsevier.
  2. Erwin, Patrick M. & López-Legentil, Susanna & Schuhmann, Peter W., 2010. "The pharmaceutical value of marine biodiversity for anti-cancer drug discovery," Ecological Economics, Elsevier, Elsevier, vol. 70(2), pages 445-451, December.
  3. Robert Innes & George Frisvold, 2009. "The Economics of Endangered Species," Annual Review of Resource Economics, Annual Reviews, Annual Reviews, vol. 1(1), pages 485-512, 09.
  4. Timothy Swanson & Mare Sarr, 2012. "Intellectual Property and Biodiversity: When and Where are Property Rights important?," CIES Research Paper series 10-2012, Centre for International Environmental Studies, The Graduate Institute.
  5. Paulo A.L.D. Nunes & Elena Ojea & Maria Loureiro, 2009. "Mapping of Forest Biodiversity Values: A Plural Perspective," Working Papers, Fondazione Eni Enrico Mattei 2009.4, Fondazione Eni Enrico Mattei.
  6. Jerry Courvisanos, 2009. "Regional Innovation for Sustainable Development: An Australian Perspective," Journal of Innovation Economics, De Boeck Université, De Boeck Université, vol. 0(1), pages 119-143.
  7. May, Peter H. & Soares-Filho, Britaldo Silveira & Strand, Jon, 2013. "How much is the Amazon worth ? the state of knowledge concerning the value of preserving amazon rainforests," Policy Research Working Paper Series, The World Bank 6668, The World Bank.
  8. Sarr, Mare & Goeschl, Timo & Swanson, Tim, 2008. "The value of conserving genetic resources for R&D: A survey," Ecological Economics, Elsevier, Elsevier, vol. 67(2), pages 184-193, September.
  9. Polasky, Stephen & Costello, Christopher & Solow, Andrew, 2005. "The Economics of Biodiversity," Handbook of Environmental Economics, Elsevier, in: K. G. Mäler & J. R. Vincent (ed.), Handbook of Environmental Economics, edition 1, volume 3, chapter 29, pages 1517-1560 Elsevier.
  10. Winands, Sarah & Holm-Müller, Karin, 2014. "Eco-regional Cartels on the Genetic Resource Market and the case of the Andean Community's legislation," Discussion Papers, University of Bonn, Institute for Food and Resource Economics 163046, University of Bonn, Institute for Food and Resource Economics.
  11. Vincent, Jeffrey R., 2012. "Ecosystem services and green growth," Policy Research Working Paper Series, The World Bank 6233, The World Bank.
  12. Elena Ojea & Paulo Nunes & Maria Loureiro, 2010. "Mapping Biodiversity Indicators and Assessing Biodiversity Values in Global Forests," Environmental & Resource Economics, European Association of Environmental and Resource Economists, European Association of Environmental and Resource Economists, vol. 47(3), pages 329-347, November.
  13. R. Simpson, 2007. "David Pearce and the economic valuation of biodiversity," Environmental & Resource Economics, European Association of Environmental and Resource Economists, European Association of Environmental and Resource Economists, vol. 37(1), pages 91-109, May.

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