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Genetically Modified Crops: Their Market and Welfare Impacts

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  • Lence, Sergio H.
  • Hayes, Dermot J.

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.

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Bibliographic Info

Paper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 12435.

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Date of creation: 01 Nov 2005
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Publication status: Published in American Journal of Agricultural Economics, November 2005, vol. 87 no. 4, pp. 931-950
Handle: RePEc:isu:genres:12435

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Postal: Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070
Phone: +1 515.294.6741
Fax: +1 515.294.0221
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Web page: http://www.econ.iastate.edu
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Cited by:
  1. Singerman, Ariel & Hart, Chad E. & Lence, Sergio H., 2012. "Revenue Protection for Organic Producers: Too Much or Too Little," 2012 Annual Meeting, August 12-14, 2012, Seattle, Washington, Agricultural and Applied Economics Association 124370, Agricultural and Applied Economics Association.
  2. Taing, William & Ahmadi-Esfahani, Fredoun Z., 2009. "GM technology and the Australian canola," 2009 Conference (53rd), February 11-13, 2009, Cairns, Australia, Australian Agricultural and Resource Economics Society 48191, Australian Agricultural and Resource Economics Society.
  3. Moschini, GianCarlo, 2008. "Biotechnology and the Development of Food Markets: Retrospect and Prospects," Staff General Research Papers, Iowa State University, Department of Economics 12982, Iowa State University, Department of Economics.
  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, International Association of Agricultural Economists 51807, International Association of Agricultural Economists.
  5. Johan F.M.Swinnen & Thijs Vandemoortele, 2011. "On Butterflies and Frankenstein: A Dynamic Theory of Regulation," LICOS Discussion Papers, LICOS - Centre for Institutions and Economic Performance, KU Leuven 27611, LICOS - Centre for Institutions and Economic Performance, KU Leuven.
  6. 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, African Association of Agricultural Economists, vol. 6(1), March.
  7. 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, Western Agricultural Economics Association, vol. 33(2), August.

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