Biological Innovation without Intellectual Property Rights: Cottonseed Markets in the Antebellum American South

• 成果类型: Article
• 署名作者: University of Michigan System; University of Michigan
• 刊物名称: JOURNAL OF ECONOMIC HISTORY
• ISSN/ISSBN: 0022-0507
• DOI: 10.1017/S0022050720000662
• 发表日期: 2021
• 页码: 198-238
• 关键词: UNITED-STATES; inventors

摘要

The Antebellum American South experienced rapid biological innovation centered around an active market for new cotton seed varieties, despite the absence of intellectual property rights. Contemporaries complained new seed was initially offered at high prices, which subsequently collapsed. Using local newspaper evidence, this paper documents this market's operation. It then rationalizes the price movements given the potential of improved seed to multiply at finite rates. The initial prices were sufficiently high to provide meaningful incentives to innovate. This study also identifies information problems affecting the cotton seed market, leading observers to claim too many new varieties were released, not too few.