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Search, bioprospecting and biodiversity conservation

  • Costello, Christopher
  • Ward, Michael

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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File URL: http://www.sciencedirect.com/science/article/B6WJ6-4KWK0W7-1/2/d9c46468b05d02c6935519ea3699da43
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Article provided by Elsevier in its journal Journal of Environmental Economics and Management.

Volume (Year): 52 (2006)
Issue (Month): 3 (November)
Pages: 615-626

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Handle: RePEc:eee:jeeman:v:52:y:2006:i:3:p:615-626
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/622870

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  1. 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, vol. 3(2), pages 171-181, April.
  2. Ilhem Kassar & Pierre Lasserre, 2002. "Species Preservation and Biodiversity Value: A Real Options Approach," Cahiers de recherche du Département des sciences économiques, UQAM 20-18, Université du Québec à Montréal, Département des sciences économiques.
  3. Grabowski, Henry G. & Vernon, John M., 1994. "Returns to R&D on new drug introductions in the 1980s," Journal of Health Economics, Elsevier, vol. 13(4), pages 383-406.
  4. Martin L. Weitzman, 2001. "Gamma Discounting," American Economic Review, American Economic Association, vol. 91(1), pages 260-271, March.
  5. Rausser, Gordon C. & Small, Arthur A., 2000. "Valuing Research Leads: Bioprospecting and the Conservation of Genetic Resources," Berkeley Olin Program in Law & Economics, Working Paper Series qt4t56m5b8, Berkeley Olin Program in Law & Economics.
  6. 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.
  7. 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, vol. 22(2), pages 151-185, March.
  8. DiMasi, Joseph A. & Hansen, Ronald W. & Grabowski, Henry G. & Lasagna, Louis, 1991. "Cost of innovation in the pharmaceutical industry," Journal of Health Economics, Elsevier, vol. 10(2), pages 107-142, July.
  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, vol. 104(1), pages 163-85, February.
  10. M. L. Weitzman, 1978. "Optimal Search for the Best Alternative," Working papers 214, Massachusetts Institute of Technology (MIT), Department of Economics.
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