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Response to an Asymmetric Demand for Attributes: An Application to the Market for Genetically Modified Crops

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Author Info
Sergio H. Lence
Dermot J. Hayes () (Center for Agricultural and Rural Development (CARD), Food and Agricultural Policy Research Institute (FAPRI))

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Abstract

A framework is developed for examining the price and welfare effects of the introduction of genetically modified (GM) crops. In the short run, non-GM grain generally becomes another niche product. However, more profound market effects are observed under some reasonable parameterizations. In the long run, consumer and producer welfare are usually greater after the introduction of GM technology. Nevertheless, in all instances some consumers and some producers lose. When identity preservation is expensive and cost savings are relatively small, both producer and consumer welfare are lower after introducing GM technology. Interestingly, this outcome is obtained even though all agents are individually rational.

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Publisher Info
Paper provided by Center for Agricultural and Rural Development (CARD) at Iowa State University in its series Center for Agricultural and Rural Development (CARD) Publications with number 01-mwp5.

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Date of creation: Nov 2001
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Handle: RePEc:ias:cpaper:01-mwp5

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Miranowski, John & Moschini, Giancarlo & Babcock, Bruce A. & Duffy, Michael & Wisner, Robert N. & Beghin, John C. & Hayes, Dermot J. & Lence, Sergio H. & Baumel, Phillip C. & Harl, Neil E., 2004. "Economic Perspectives on GMO Market Segregation," Staff General Research Papers 11407, Iowa State University, Department of Economics. [Downloadable!]
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  1. Chang, Ching-Cheng & Hsu, Shih-Hsun & Wu, Chia-Hsuan, 2004. "An Economy-Wide Analysis Of Gm Food Labeling Policies In Taiwan," 2004 Annual meeting, August 1-4, Denver, CO 19929, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  2. Lin, William & Johnson, D. Demcey, 2003. "Segregation Of Non-Biotech Corn And Soybeans: Who Bears The Cost?," 2003 Annual meeting, July 27-30, Montreal, Canada 22161, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  3. Nielsen, Chantal Pohl & Robinson, Sherman & Thierfelder, Karen, 2002. "Trade in genetically modified food," TMD discussion papers 106, International Food Policy Research Institute (IFPRI). [Downloadable!]
  4. Desquilbet, Marion & Bullock, David S., 2003. "Who Pays The Costs Of Non-Gmo Segregation And Identity Preservation, And Who Is To Blame?," 2003 Annual meeting, July 27-30, Montreal, Canada 22011, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  5. Carter, Colin A. & Smith, Aaron, 2004. "The Market Effect of a Food Scare: The Case of Genetically Modified StarLink Corn," Working Papers 11997, University of California, Davis, Department of Agricultural and Resource Economics. [Downloadable!]
  6. Saak, Alexander E. & Hennessy, David A., 2001. "Planting Decisions And Uncertain Consumer Acceptance Of Genetically Modified Crop Varieties," 2001 Annual meeting, August 5-8, Chicago, IL 20581, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
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  7. Parcell, Joe & Kalaitzandonakes, Nicholas, 2001. "The Response Of Corn Futures Markets To Agro-Biotechnology News," 2001 Annual Meeting, July 8-11, 2001, Logan, Utah 36124, Western Agricultural Economics Association. [Downloadable!]
  8. Diez, M. Carmen Fernandez, 2005. "Welfare Measures and Mandatory Regulation for Transgenic Food in the European Union: A Theoretical Framework for the Analysis," 2005 International Congress, August 23-27, 2005, Copenhagen, Denmark 24472, European Association of Agricultural Economists. [Downloadable!]
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