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Genetically Modified Crops: Their Market and Welfare Impacts

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  • Sergio H. Lence
  • Dermot J. Hayes

Abstract

A framework is developed for examining price and welfare effects of the introduction of genetically modified (GM) products. In the short run, non-GM grain generally becomes another identity-preserved product. However, more profound market effects are observed under some reasonable parameterizations. When calibrated to reflect the U.S. corn market, introducing GM technology increases aggregate welfare over a wide range of scenarios, unless the corresponding production cost savings are small and consumers are seriously concerned about GM products. The possibility that GM technology may reduce aggregate welfare is interesting because the model assumes rational agents and does not include regulatory constraints. Copyright 2005, Oxford University Press.

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File URL: http://hdl.handle.net/10.1111/j.1467-8276.2005.00779.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): 87 (2005)
Issue (Month): 4 ()
Pages: 931-950

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Handle: RePEc:oup:ajagec:v:87:y:2005:i:4:p:931-950

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Cited by:
  1. Moschini, GianCarlo, 2008. "Biotechnology and the Development of Food Markets: Retrospect and Prospects," Staff General Research Papers 12982, Iowa State University, Department of Economics.
  2. Singerman, Ariel & Hart, Chad E. & Lence, Sergio H., 2012. "Revenue Protection for Organic Producers: Too Much or Too Little," Staff General Research Papers 35964, Iowa State University, Department of Economics.
  3. Takeshima, Hiroyuki, 2011. "Distribution of welfare gains from GM cassava in Uganda across different population groups and market margins," African Journal of Agricultural and Resource Economics, African Association of Agricultural Economists, vol. 6(1), March.
  4. Liu, Pengcheng & Huang, Chung-Huang & Feng, Zhongchao & Zhou, Deyi, 2009. "Consumer’s choice on GM labeling: evidences from China," 2009 Conference, August 16-22, 2009, Beijing, China 51807, International Association of Agricultural Economists.
  5. Lusk, Jayson L. & Rozan, Anne, 2008. "Public Policy and Endogenous Beliefs: The Case of Genetically Modified Food," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 33(2), August.
  6. Taing, William & Ahmadi-Esfahani, Fredoun Z., 2009. "GM technology and the Australian canola," 2009 Conference (53rd), February 11-13, 2009, Cairns, Australia 48191, Australian Agricultural and Resource Economics Society.
  7. Johan F.M.Swinnen & Thijs Vandemoortele, 2011. "On Butterflies and Frankenstein: A Dynamic Theory of Regulation," LICOS Discussion Papers 27611, LICOS - Centre for Institutions and Economic Performance, KU Leuven.

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