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Search, bioprospecting, and biodiversity conservation

Author

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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.

Suggested Citation

  • Costello, Christopher & Ward, Michael B., 2007. "Search, bioprospecting, and biodiversity conservation," MPRA Paper 26527, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:26527
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    References listed on IDEAS

    as
    1. 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, vol. 108(1), pages 173-206, February.
    2. Martin L. Weitzman, 2001. "Gamma Discounting," American Economic Review, American Economic Association, vol. 91(1), pages 260-271, March.
    3. 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.
    4. Kassar, Ilhem & Lasserre, Pierre, 2004. "Species preservation and biodiversity value: a real options approach," Journal of Environmental Economics and Management, Elsevier, vol. 48(2), pages 857-879, September.
    5. 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 163-185, February.
    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. Weitzman, Martin L, 1979. "Optimal Search for the Best Alternative," Econometrica, Econometric Society, vol. 47(3), pages 641-654, May.
    8. Stephen Polasky & Andrew Solow & James Broadus, 1993. "Searching for uncertain benefits and the conservation of biological diversity," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 3(2), pages 171-181, April.
    9. 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.
    10. 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.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. R. Simpson, 2007. "David Pearce and the economic valuation of biodiversity," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 37(1), pages 91-109, May.
    2. Paulo A.L.D. Nunes & Elena Ojea & Maria Loureiro, 2009. "Mapping of Forest Biodiversity Values: A Plural Perspective," Working Papers 2009.4, Fondazione Eni Enrico Mattei.
    3. Paunić, Alida, 2016. "Brazil, Preservation of Forest and Biodiversity," MPRA Paper 71462, University Library of Munich, Germany.
    4. Mare Sarr & Tim Swanson, 2011. "Intellectual Property and Biodiversity: When and Where are Property Rights Important?," Working Papers 2011.79, Fondazione Eni Enrico Mattei.
    5. Erwin, Patrick M. & López-Legentil, Susanna & Schuhmann, Peter W., 2010. "The pharmaceutical value of marine biodiversity for anti-cancer drug discovery," Ecological Economics, Elsevier, vol. 70(2), pages 445-451, December.
    6. Vincent, Jeffrey R., 2012. "Ecosystem services and green growth," Policy Research Working Paper Series 6233, The World Bank.
    7. Robert Innes & George Frisvold, 2009. "The Economics of Endangered Species," Annual Review of Resource Economics, Annual Reviews, vol. 1(1), pages 485-512, September.
    8. 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 163046, University of Bonn, Institute for Food and Resource Economics.
    9. Sarr, Mare & Goeschl, Timo & Swanson, Tim, 2008. "The value of conserving genetic resources for R&D: A survey," Ecological Economics, Elsevier, vol. 67(2), pages 184-193, September.
    10. Narita, Daiju & Lemenih, Mulugeta & Shimoda, Yukimi & Ayana, Alemayehu N., 2017. "Toward an Accounting of the Values of Ethiopian Forests as Natural Capital," Working Papers 140, JICA Research Institute.
    11. Elena Ojea & Paulo Nunes & Maria Loureiro, 2010. "Mapping Biodiversity Indicators and Assessing Biodiversity Values in Global Forests," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 47(3), pages 329-347, November.
    12. Wright, Brian D. & Pardey, Philip G. & Nottenburg, Carol & Koo, Bonwoo, 2007. "Agricultural Innovation: Investments and Incentives," Handbook of Agricultural Economics, Elsevier.
    13. Polasky, Stephen & Costello, Christopher & Solow, Andrew, 2005. "The Economics of Biodiversity," Handbook of Environmental Economics,in: K. G. Mäler & J. R. Vincent (ed.), Handbook of Environmental Economics, edition 1, volume 3, chapter 29, pages 1517-1560 Elsevier.
    14. 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 6668, The World Bank.
    15. Jerry Courvisanos, 2009. "Regional Innovation for Sustainable Development: An Australian Perspective," Journal of Innovation Economics, De Boeck Université, vol. 0(1), pages 119-143.

    More about this item

    Keywords

    Bioprospecting; biodiversity; conservation; efficient search; information;

    JEL classification:

    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth
    • Q57 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Ecological Economics

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