Bid prices were elicited for standard-label cookies, muffins, and potato chips and those identified as not including genetically modified (GM) ingredients using an experimental auction. Including a statement that the product did not include GM ingredients increased bids over those offered for...

Textbooks in agricultural economics characterize resources used in production agriculture into four categories: land, labor, capital, and entrepreneurial ability. Profit is presented as earned by management. This traditional list of resources is respecified. Management is redefined as a...