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An Analysis of Pricing in the U.S. Cotton Seed Market

  • Shi, Guanming
  • Stiegert, Kyle W.
  • Chavas, Jean-Paul

The purpose of the research in this paper is to investigate the impact of differentiated vertical strategies by agricultural biotechnology firms in the U.S. cottonseed market. The model advances the measurement of industry concentration to consider substitution/complementarity relationships among differentiated products delivered under different vertical structures. We find evidence of sub-additive pricing in the stacking of bundled biotech traits. Prices paid by farmers for cottonseed sold under vertical integration are found to be higher than under licensing. The model is flexible and allows for evaluation of the effects of changing market structures. The parameters on traditional measures of concentration indicate that higher concentration leads to higher prices. The effects of cross-market concentrations stress the need to conduct the analysis in a multi-market context.

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File URL: http://purl.umn.edu/51617
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Paper provided by Agricultural and Applied Economics Association in its series 2009 Annual Meeting, July 26-28, 2009, Milwaukee, Wisconsin with number 51617.

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Date of creation: Jun 2009
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Handle: RePEc:ags:aaea09:51617
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  1. Guanming Shi, 2009. "Bundling and Licensing of Genes in Agricultural Biotechnology," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 91(1), pages 264-274.
  2. Goodhue, Rachael E. & Rausser, Gordon C. & Scotchmer, Suzanne & Simon, Leo K., 2002. "Biotechnology, intellectual property and value differentiation in agriculture," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series qt9w85z5r6, Department of Agricultural & Resource Economics, UC Berkeley.
  3. Gregory D. Graff & Gordon C. Rausser & Arthur A. Small, 2003. "Agricultural Biotechnology's Complementary Intellectual Assets," The Review of Economics and Statistics, MIT Press, vol. 85(2), pages 349-363, May.
  4. Shi, Guanming & Chavas, Jean-Paul & Stiegert, Kyle, 2008. "An Analysis of Bundle Pricing: The Case of the Corn Seed Market," Working Papers 201445, University of Wisconsin-Madison, Department of Agricultural and Applied Economics, Food System Research Group.
  5. Shi, Guanming & Chavas, Jean-Paul, 2009. "On Pricing and Vertical Organization of Differentiated Products," Staff Paper Series 535, University of Wisconsin, Agricultural and Applied Economics.
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