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- W13794384 abstract "This paper studies the interaction between two dynamic domains, (1) an evolutionary biological system ('the environment') whose behaviour determines the availability of a resource stock, and (2) an industry where access to the resource stock is determined by the outcome of a patent race. The specific setting of the model is that of managing microbial resistance to antibiotics. Here, resistance develops in response to the use of antibiotics above a threshold level. We show that the optimal policy from society's point of view is to generate through RD (2) generate incentives that decline with the number of previous (shelved) discoveries; and (3) generate incentives that respond perversely to increases in biological system velocity. These results highlight the importance of well-designed dynamic incentives for managing resource stock dynamics." @default.
- W13794384 created "2016-06-24" @default.
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- W13794384 date "2002-01-01" @default.
- W13794384 modified "2023-09-26" @default.
- W13794384 title "Lost Horizons the Noncooperative Management of an Evolutionary Biological System" @default.
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- W13794384 doi "https://doi.org/10.2139/ssrn.344322" @default.
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