Bioprospecting and biodiversity contracts

Denise M. Mulholland and Elizabeth Wilman

Environment and Development Economics, 2003, vol. 8, issue 3, 417-435

Abstract: A dynamic economic model for a biodiversity prospecting contract, between a host country and a pharmaceutical company, is developed and used to explain the structure of existing contracts. The host country's stocks of biodiversity and genetic information are crucial inputs to the production of high-quality samples. Even with compete property rights contracts will be second best; it is not possible to perfectly monitor host-country inputs to the drug discovery process. Contracts vary due to the different degrees of observability of host-country inputs, and incomplete or ineffective property rights.

Date: 2003
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Working Paper: Bioprospecting and Biodiversity Contracts (1998)
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