Livestock genetic diversity has both a public and private value, yet little work has been done to measure this concept in economic terms. The presentation outlines the main challenges facing applied and theoretical economists in the study of genetic diversity in livestock production systems. It surveys basic economic principles such as the marginal value of an increase in genetic diversity, and its cost of conservation in the market environment. Market-driven devices for increasing consumer’s awareness of, and willingness-to-pay for livestock diversity are investigated.