Valuing New Random GM Traits: The Case of Drought Tolerant Wheat
There has been an increase in support for developing genetic modification (GM) technology in wheat. The purpose of this paper was to develop an analytical model to analyze the value of GM traits at different phases of development. To do so we developed a stochastic binomial model of real options. The results indicate that the value of drought tolerant wheat using GM technology is in-the-money at each phase of development. The greatest value would accrue to the Prairie Gateway and northern Great Plains regions in the United States.
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- Guanming Shi & Jean-paul Chavas & Kyle Stiegert, 2010.
"An Analysis of the Pricing of Traits in the U.S. Corn Seed Market,"
American Journal of Agricultural Economics,
Agricultural and Applied Economics Association, vol. 92(5), pages 1324-1338.
- Shi, Guanming & Chavas, Jean-Paul & Steigert, Kyle, 2009. "An Analysis of the Pricing of Traits in the U.S. Corn Seed Market," Staff Paper Series 544, University of Wisconsin, Agricultural and Applied Economics.
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