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Biodiversity versus transgenic sugar beet: the one euro question

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  • Eric Tollens

Abstract

The decision on whether to release transgenic crops in the EU is subject to irreversibility, uncertainty and flexibility. We analyse the case of herbicide-tolerant sugar beet and assess whether the EU's 1998 de facto moratorium on transgenic crops for sugar beet was correct from a cost--benefit perspective, using a real option approach. We show that the decision was correct, providing households on average value the possible annual irreversible costs of herbicide-tolerant sugar beet at €1 or more. On the other hand, the total net private reversible benefits forgone if the de facto moratorium is not lifted are around €169 million per year. Copyright 2004, Oxford University Press.

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Bibliographic Info

Article provided by Foundation for the European Review of Agricultural Economics in its journal European Review of Agricultural Economics.

Volume (Year): 31 (2004)
Issue (Month): 1 (March)
Pages: 1-18

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Handle: RePEc:oup:erevae:v:31:y:2004:i:1:p:1-18

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References

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  1. Fisher, Anthony C., 2000. "Investment under uncertainty and option value in environmental economics," Resource and Energy Economics, Elsevier, vol. 22(3), pages 197-204, July.
  2. Pindyck, Robert S., 2000. "Irreversibilities and the timing of environmental policy," Resource and Energy Economics, Elsevier, vol. 22(3), pages 233-259, July.
  3. Bureau, Jean-Christophe, et al, 1997. "Quota Mobility in the European Sugar Regime," European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, vol. 24(1), pages 1-30.
  4. Pretty, J. N. & Brett, C. & Gee, D. & Hine, R. E. & Mason, C. F. & Morison, J. I. L. & Raven, H. & Rayment, M. D. & van der Bijl, G., 2000. "An assessment of the total external costs of UK agriculture," Agricultural Systems, Elsevier, vol. 65(2), pages 113-136, August.
  5. Fernandez-Cornejo, Jorge & McBride, William D., 2002. "Adoption Of Bioengineered Crops," Agricultural Economics Reports 33957, United States Department of Agriculture, Economic Research Service.
  6. George C. Davis & Maria Cristina Espinoza, 1998. "A Unified Approach to Sensitivity Analysis in Equilibrium Displacement Models," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 80(4), pages 868-879.
  7. José Benjamin Falck-Zepeda & Greg Traxler & Robert G. Nelson, 2000. "Surplus Distribution from the Introduction of a Biotechnology Innovation," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 82(2), pages 360-369.
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