Impact of Biotech Grains on Market Structure and Societal Welfare
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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.
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This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 License.