> Our examination of the operation of pollination markets leads us to conclude that beekeepers are savvy entrepreneurs who use their wealth of knowledge of the particular circumstances of time and place (see Hayek 1945) -- acquired over their lifetimes of work -- to adapt quickly to changing market conditions. Not only was there not a failure of bee-related markets, but they adapted quickly and effectively to the changes induced by the appearance of Colony Collapse Disorder. in contrast to the doomsday scenarios used to describe CCD at its outset, the workings of the forces of competition to accommodate bee dis- ease make less compelling headlines. The receding of CCD from the national consciousness will be noted by few, but the resilience and adaptation to bee disease by the beekeeping industry is a story worth noting

PERC POLICY SERiES • No. 50 • 2012

> One of the more commonly cited estimates of the value of pollination services in the United States is $15 billion. This estimate comes from a study by Morse and Calderone (2000), which represents an update of an earlier estimate of $9 billion from Robinson, Nowogrodzki, and Morse (1989). A recent study pegged the worldwide value of pollination at $217 billion (Science Daily 2008). These estimates are grossly overstated. 

Journal of Law and Economics, vol. XLVI (October 2003)
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