This chapter reconsiders the implications of the patent-based research and development incentive model for innovations, related to genetic modifications, in the agricultural and food industries (particularly genetically modified seeds); and clarifies that only in the case where the innovation...

This chapter extends the model for transgenic innovation pricing by Weaver and Kim (Incentives for R&D to develop GMO seeds: restricted monopoly, nonmarket effects, and regulation. Presented at the 6th International Conference of ICABR, Ravello, 2002) by considering ex-ante uncertainty and...

Pricing of biotechnology innovation under a patent grant is reconsidered in a model with uncertain returns and irreversible costs and benefits. Past results on restricted monopoly pricing in the presence of competing technologies showed that pricing power is reduced. The timing of adoption of an...

Pricing of biotechnology innovation under a patent grant is reconsidered in a model with uncertain returns and irreversible costs and benefits. Past results on restricted monopoly pricing in the presence of competing technologies showed that pricing power is reduced. The timing of adoption of an...