There are a number of applications for benefit cost analysis in environmental marine biotechnology. One example is the analysis of maricul-ture of genetically modified marine species (Hite and Gutrich 1998). I present some of the basic concept of that paper here. Central to the analysis is the idea that a number of the issues addressed here should be viewed as increments to costs and benefits that already exist in the marine aquaculture industry. It should be noted that genetic modification is a relatively minor player in biotechnology, and the following analysis is meant only to illustrate the significance of the economic concepts of spillovers and externalities.
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