Impact of Biotech Grains on Market Structure and Societal Welfare
Lence, Sergio H.; Hayes, Dermot J.
AgBioForum Vol. 5 no. 3 (2002): 85-89.
We quantify the economic impact of introducing genetically modified (GM) crops. Short-run results suggest that it might be optimal to maintain the identity of a greater proportion of non-GM grain than is currently demanded by non-GM consumers. Long-run results show that GM crops almost always benefit society, but one scenario is presented where overall welfare falls.Published Version