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A Note on the Welfare Gains from Genetic Progress in Forestry: What Can the Market Tell Us?

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Abstract:

In this note we pinpoint what the market can tell us ex-post about a previously unanticipated genetic breakthrough in tree breeding. The approach is, however, perfectly general and can be used in ex-post evaluations of new drugs in the pharmaceutical industry. The fundamental idea, which is accredited to Weitzman (1976), is that a flow concept like net income in a dynamic economy contains precise information about a stock concept like wealth. For. Sci. 38(2):479-483.

Keywords: Unanticipated genetic progress; dynamic economy; market valuation

Document Type: Miscellaneous

Affiliations: Professor, Department of Economics, University of Umeå, S-901 87 Umeå Sweden

Publication date: April 1, 1992

More about this publication?
  • Forest Science is a peer-reviewed journal publishing fundamental and applied research that explores all aspects of natural and social sciences as they apply to the function and management of the forested ecosystems of the world. Topics include silviculture, forest management, biometrics, economics, entomology & pathology, fire & fuels management, forest ecology, genetics & tree improvement, geospatial technologies, harvesting & utilization, landscape ecology, operations research, forest policy, physiology, recreation, social sciences, soils & hydrology, and wildlife management.
    Forest Science is published bimonthly in February, April, June, August, October, and December.

    2015 Impact Factor: 1.702
    Ranking: 16 of 66 in forestry

    Also published by SAF:
    Journal of Forestry
    Other SAF Publications
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