Furtan, W. H.; Gray, R. S.; Holzman, J. J. - In: Contemporary Economic Policy 21 (2003) 4, pp. 433-444
Genetically modified (GM) wheat is an example of an irreversible technology that will cause environmental and market externalities. The optimal time to license this irreversible technology is examined using real options theory. Given the likely spread of the GM wheat genetics in the environment,...