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Risk and the Value of Bt Corn

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  • Terrance M. Hurley
  • Paul D. Mitchell
  • Marlin E. Rice

Abstract

A conceptual model is developed to evaluate the effect of Bt corn on risk. Results highlight the importance of distinguishing between marginal and aggregate risk effects and demonstrate that the effect of Bt corn on risk depends crucially on the price paid for the technology. Empirical results show that, depending on the price, Bt corn can be marginally risk increasing or decreasing and can either increase or decrease corn acreage. Also, depending on the price, Bt corn can provide a risk benefit to farmers, even when Bt corn is risk increasing. Copyright 2004, Oxford University Press.

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File URL: http://hdl.handle.net/10.1111/j.0092-5853.2004.00583.x
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Bibliographic Info

Article provided by Agricultural and Applied Economics Association in its journal American Journal of Agricultural Economics.

Volume (Year): 86 (2004)
Issue (Month): 2 ()
Pages: 345-358

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Handle: RePEc:oup:ajagec:v:86:y:2004:i:2:p:345-358

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Citations

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Cited by:
  1. Mitchell, Paul D. & Knight, Thomas O., 2007. "Economic Analysis of Supplemental Deductible Coverage as Recommended in the USDA's 2007 Farm Bill Proposal," Staff Paper Series 509, University of Wisconsin, Agricultural and Applied Economics.
  2. Julian M. Alston & Will Martin & Philip G. Pardey, 2013. "Influences of Agricultural Technology on the Size and Importance of Food Price Variability," NBER Chapters, in: The Economics of Food Price Volatility National Bureau of Economic Research, Inc.
  3. Mitchell, Paul D. & Zhu, En (John), 2003. "Moral Hazard And Bt Corn Refuge," 2003 Annual meeting, July 27-30, Montreal, Canada 22113, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  4. Yang, Juan & Mitchell, Paul D. & Gray, Michael & Steffey, Kevin, 2007. "Unbalanced Nested Component Error Model and the Value of Soil Insecticide and Bt Corn for Controlling Western Corn Rootworm," Staff Paper Series 510, University of Wisconsin, Agricultural and Applied Economics.
  5. Banerjee, Swagata (Ban) & Martin, Steven W., 2006. "Certainty Equivalent Farm Returns from Bt and Non-Bt Cotton," 2006 Annual Meeting, February 5-8, 2006, Orlando, Florida 35383, Southern Agricultural Economics Association.
  6. Grove, Bennie & Oosthuizen, Lukas Klopper, 2010. "Stochastic efficiency analysis of deficit irrigation with standard risk aversion," Agricultural Water Management, Elsevier, vol. 97(6), pages 792-800, June.
  7. Hennessy, David A. & Saak, Alexander E., 2003. "State-Contingent Demand for Herbicide-Tolerance Seed Trait," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 28(01), April.
  8. Dillen, Koen & Demont, Matty & Tollens, Eric, 2008. "Modelling heterogeneity to estimate the ex ante value of biotechnology innovations," 2008 International Congress, August 26-29, 2008, Ghent, Belgium 43945, European Association of Agricultural Economists.
  9. Ma, Xingliang & Shi, Guanming, 2011. "A Dynamic Adoption Model with Bayesian Learning: Application to the U.S. Soybean Market," 2011 Annual Meeting, July 24-26, 2011, Pittsburgh, Pennsylvania 104577, Agricultural and Applied Economics Association.
  10. Yang, Juan & Mitchell, Paul D., 2004. "Unbalanced Nested Component Error Model For Estimating Pest Damage Functions," 2004 Annual meeting, August 1-4, Denver, CO 20002, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  11. Nolan, Elizabeth & Santos, Paulo, 2012. "Insurance premiums and GM traits," 2012 Conference, August 18-24, 2012, Foz do Iguacu, Brazil 125942, International Association of Agricultural Economists.
  12. Seo, Sangtaek & Mitchell, Paul D. & Leatham, David J., 2004. "Effects Of Federal Risk Management Programs On Land Allocation And Input Use," 2004 Annual meeting, August 1-4, Denver, CO 20160, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  13. Pardey, Philip G. & James, Jennifer S. & Alston, Julian M. & Wood, Stanley & Koo, Bonwoo & Binenbaum, Eran & Hurley, Terrance M. & Glewwe, Paul & Mayer, Jorge & Jones, Richard & De Groote, Hugo & Kana, 2007. "Science, Technology and Skills," Reports 136256, University of Minnesota, International Science and Technology Practice and Policy.
  14. Frisvold, George B. & Reeves, Jeanne M., 2008. "The costs and benefits of refuge requirements: The case of Bt cotton," Ecological Economics, Elsevier, vol. 65(1), pages 87-97, March.
  15. Mitchell, Paul D. & Zhu, En (John) & Hurley, Terrance M., 2004. "Adverse Selection, Moral Hazard, And Grower Compliance With Bt Corn Refuge," 2004 Annual meeting, August 1-4, Denver, CO 20123, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  16. Sanglestsawai, Santi & Rejesus, Roderick M. & Yorobe, Jose M., Jr., 2012. "Production Risk, Farmer Welfare, and Bt Corn in the Philippines," 2012 Annual Meeting, August 12-14, 2012, Seattle, Washington 124237, Agricultural and Applied Economics Association.

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