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Journal Article

Market and Welfare Effects of Second-Generation, Consumer-Oriented GM Products

Konstantinos Giannakas and Amalia Yiannaka
American Journal of Agricultural Economics
Vol. 90, No. 1 (Feb., 2008), pp. 152-171
Stable URL: http://www.jstor.org/stable/30139497
Page Count: 20
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Market and Welfare Effects of Second-Generation, Consumer-Oriented GM Products
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Abstract

We examine the economic effects of the introduction of consumer-oriented genetically modified (GM) products into the food system by developing a model of heterogeneous consumers and producers that allows for vertical and horizontal differentiation between the products available to consumers. The model facilitates the estimation of consumer and producer surpluses in the product/utility and product/net returns spaces. Results show that the introduction of consumer-oriented GM products can change the relationship between GM and conventional and organic products from one of vertical to one of horizontal product differentiation and can enhance both economic welfare and the market acceptance and growth of agricultural biotechnology.

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