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As an undergraduate at the University of Washington in the late 1990s, Wendie Wilson noticed some striking ads in the campus newspaper: appeals to young women to sell their eggs for what seemed to her exorbitant sums of money. But she had no idea what was involved until she herself decided to go through the process a few years later.

To her surprise, Ms Wilson recalled recently, she discovered that helping an infertile couple conceive a child made her feel “fantastic.” And she certainly appreciated the $5,000 payment. “It seemed a relatively small amount of my time for what seemed to be pretty decent compensation,” she said. She found the experience so empowering, she submitted to it four more times and eventually founded her own egg donation agency in Los Angeles, Gifted Journeys, which maintains a registry of 300 to 400 potential donors.

Demand for human ova has been growing in recent years, fueled by infertility treatments and increased investment in stem cell research. Young women at top colleges and universities, long a prized source of eggs, are now being...