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The transaction costs in biotechnology

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  • Estrada, Fernando
  • Diaz, Natalia

Abstract

This paper aims to relate the principles of Ronald Coase Theorem with negative impacts of biotechnology, taking cases of specific research groups and medium-sized companies in biotechnology. We consider an application of economic theory on transaction costs (TTC) provides a good foundation for understanding the underlying problems of this sector, even more, when analyzing the political economy of biotechnology since the transaction costs can best viewed their limitations and the limited scope of government policy. In biotechnology it is possible to get a policy that combines both equity and efficiency, that is, a wider range of policy applications to improve the living standards of people in Colombia.

Suggested Citation

  • Estrada, Fernando & Diaz, Natalia, 2011. "The transaction costs in biotechnology," MPRA Paper 35539, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:35539
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    References listed on IDEAS

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    2. Robert W. Hahn & Richard L. Schmalensee & Roger Noll & Robert Stavins & Lester B. Lave & George C. Eads & Milton Russell & V. Kerry Smith & Maureen L. Cropper & Paul R. Portney & Kenneth J. Arrow, 1996. "Benefit-Cost Analysis in Environmental, Health, and Safety Regulation: A Statement of Principles," Books, American Enterprise Institute, number 51790, September.
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    More about this item

    Keywords

    Coase Theorem; Transaction costs; Biotechnology; Public Choice; Colombia;
    All these keywords.

    JEL classification:

    • B21 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Microeconomics
    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
    • N56 - Economic History - - Agriculture, Natural Resources, Environment and Extractive Industries - - - Latin America; Caribbean
    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles
    • B2 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925
    • D43 - Microeconomics - - Market Structure, Pricing, and Design - - - Oligopoly and Other Forms of Market Imperfection
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology

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