search query: @freeterm social optimum / total: 1
reference: 1 / 1
« previous | next »
| Author: | Herrmann, M. Gaudet, G. |
| Title: | The economic dynamics of antibiotic efficacy under open access |
| Journal: | Journal of Environmental Economics and Management
2009 : MAY, VOL. 57:3, p. 334-350 |
| Index terms: | medicine effectiveness renewable resources |
| Freeterms: | open-access equilibrium social optimum |
| Language: | eng |
| Abstract: | This paper examines the exploitation of an antibiotic in a market subject to open access on the part of antibiotic producers to the common pool of antibiotic efficacy. The market equilibrium depends only on current levels of antibiotic efficacy and infection of the epidemiological system. However, the social optimum accounts for the dynamic externalities which relate those levels to the intertemporal use being made of the antibiotic. It is shown that depending on the parameters of the model, the cost of production and the improvement in the recovery rate that results from antibiotic treatment, the positive steady-state level of antibiotic efficacy to which the system tends to under open access can be lower or higher than the level which should prevail in the socially optimal steady state. |
« previous | next »
SCIMA