The “transaction cost” theory of the firm introduced by Coase (1937) has become a standard framework for the study of institutional arrangements. The Coasian framework helps explain not only the existence of the firm, ...

Though they developed in isolation, the theory of entrepreneurship and the economic theory of the firm can be usefully integrated. In particular, the concept of entrepreneurship as judgment associated with Knight (1921) ...

We use a stochastic frontier approach to study the effects of political and regulatory institutions on aggregate productivity in 39 countries from 1975 to 1990. We show that technical efficiency is positively related to ...

We estimate changes in market structure in the US electric power industry during the last three decades using two independent approaches. First, we estimate an industry-wide conjectural-variations parameter. We find that ...

The stated benefits and perceived risks of genetic modification (GM) cover very diverse issues, such as food safety, world food security, and the environment, that may differentially affect consumer acceptance. In this ...

We outline an Austrian approach to economic organization based on the entrepreneur and the Austrian idea of capital as heterogeneous and time-dimensioned, two themes associated with Israel Kirzner's contributions. We provide ...

This study examines the role of product benefits and potential risks in consumer acceptance of genetically modified (GM) foods. The study analyzes consumer willingness to consume three meat products that confer specific ...

New rapid and sensitive testing technologies, based on the biotechnology tools underlying modern medical diagnostics, have been developed for the food industry. The growing demand for food safety in the marketplace, ...

This article challenges the conventional wisdom that the 1960s conglomerates were inefficient. I offer valuation results consistent with recent event-study evidence that markets typically rewarded diversifying acquisitions. ...

Africa has been slow to respond to biotechnology even as its pest management grows increasingly obsolete and insects remain a major adversary of its farming. Opponents of biotechnology cite concerns over the scientific ...

Genetically modified (GM) crops have now been grown com- mercially on a substantial scale for ten years. This paper assesses the impact this technology is having on global agricul- ture from both ...

Given the uncertainty of the use of genetic engineering in production of genetically modified (GM) foods, it remains the subject of one of the most vitriolic scientific debates throughout the globe. Newer facets of the ...

This paper develops empirical models to estimate both interfirm research spillovers and crowding effects in the canola crop research industry. The potential sources of spillover include basic research, human capital/knowledge ...

This paper used a spatial and temporal price equilibrium model to assess the potential impacts of farmers in West and Central Africa adopting Bacillus thuringiensis (Bt) cowpea (Vigna unguiculata (L.) Walp). The results ...

The ongoing growth of corn-based ethanol production raises some fundamental questions about what impact continued growth will have on US and world agriculture. Estimates of the long-run potential for ethanol production ...

Because of Bt corn's efficacy in controlling European corn borer, farmers are required to implement an insect resistance management (IRM) program that constrains each farmer to plant no more than 80% of the farm s corn ...

This paper presents an evaluation of the initial potential economic benefit at both the farm-level and to Monsanto Company of a change in refuge policy for Bollgard II® cotton. The proposed policy change is to eliminate ...

A hypothetical scheme is offered for predicting which biofortified food technologies will enjoy greatest political support or opposition and from which actors on the political landscape. Beyond political support, benefits ...

This article provides a brief account of key developments in agricultural applications of biotechnology in Latin American and Caribbean (LAC) countries; it also focuses on the potential of developing value-added products ...

In the growing body of literature concerning consumer acceptance of genetically modified (GM) foods, there are significant differences in conclusions about the impact of knowledge on such acceptance. One potential ...