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Bioprospecting with Patent Races

Author

Listed:
  • 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.

Suggested Citation

  • Rausser, G.C. & Small. A.A., 1998. "Bioprospecting with Patent Races," Papers 98-07, Columbia - Graduate School of Business.
    • Handle: RePEc:fth:colubu:98-07
    as

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    Citations

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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, Springer;European Association of Environmental and Resource Economists, vol. 18(1), pages 1-17, January.
    2. Barrett, Christopher B. & Lybbert, Travis J., 2000. "Is bioprospecting a viable strategy for conserving tropical ecosystems?," Ecological Economics, Elsevier, vol. 34(3), pages 293-300, September.
    3. 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.

    More about this item

    Keywords

    PATENTS ; BIOLOGY ; INNOVATIONS;
    All these keywords.

    JEL classification:

    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O34 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Intellectual Property and Intellectual Capital

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