Author: Löfgren, Karl-Gustaf

Source: Forest Science, Volume 38, Number 2, 1 April 1992 , pp. 479-483(5)

Publisher: Society of American Foresters

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

Publication date: 1992-04-01

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