Pedro Rey Biel

Pedro Rey Biel is an economist working at the ESRC Centre for Economic Learning and Social Evolution (ELSE). He is currently completing his PhD at the Department of Economics at University College London (UCL) where he also teaches undergraduate courses in Microeconomics. His studies on a potential market for an AIDS vaccine started with his master thesis at Centro de Estudios Monetarios y Financieros (CEMFI, Madrid), where he graduated in 2000.

Papers Published in World Economics:

Why is There No AIDS Vaccine?

This paper provides an economic explanation for the non-existence of a vaccine against AIDS. It comments on previously claimed economic reasons why private laboratories do not have incentives to invest in an AIDS vaccine and provides a new one: private companies already operate in the market for treatment of already infected patients, which market is threatened by the eventual emergence of a vaccine that cuts the cycle of infection. Finally, the paper discusses some mechanisms to provide incentives for further private research in diseases where a treatment product already exists.

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