The transaction costs in biotechnology

Estrada, Fernando and Diaz, Natalia (2011): The transaction costs in biotechnology.

Abstract

This paper aims to relate the principles of Ronald Coase Theorem with negative impacts of biotechnology, taking cases of specific research groups and medium-sized companies in biotechnology. We consider an application of economic theory on transaction costs (TTC) provides a good foundation for understanding the underlying problems of this sector, even more, when analyzing the political economy of biotechnology since the transaction costs can best viewed their limitations and the limited scope of government policy. In biotechnology it is possible to get a policy that combines both equity and efficiency, that is, a wider range of policy applications to improve the living standards of people in Colombia.

• Item Type: MPRA Paper
• Language: English
• Keywords: Coase Theorem, Transaction costs, Biotechnology, Public Choice, Colombia
• Subjects: B - History of Economic Thought, Methodology, and Heterodox Approaches > B2 - History of Economic Thought since 1925 > B21 - Microeconomics; O - Economic Development, Innovation, Technological Change, and Growth > O1 - Economic Development > O13 - Agriculture ; Natural Resources ; Energy ; Environment ; Other Primary Products; D - Microeconomics > D8 - Information, Knowledge, and Uncertainty > D82 - Asymmetric and Private Information ; Mechanism Design; N - Economic History > N5 - Agriculture, Natural Resources, Environment, and Extractive Industries > N56 - Latin America ; Caribbean; D - Microeconomics > D0 - General > D03 - Behavioral Microeconomics: Underlying Principles; B - History of Economic Thought, Methodology, and Heterodox Approaches > B2 - History of Economic Thought since 1925; D - Microeconomics > D4 - Market Structure, Pricing, and Design > D43 - Oligopoly and Other Forms of Market Imperfection; B - History of Economic Thought, Methodology, and Heterodox Approaches > B4 - Economic Methodology > B41 - Economic Methodology

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