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A three-region world model for the soybean complex is developed to evaluate the welfare effects of Roundup Ready (RR) soybean adoption. The structural modeling of the innovation accounts for farmers' adoption incentives and for the observed pricing of RR soybean seeds as a proprietary...

We develop a new partial equilibrium, four-region world trade model for the soybean complex comprising soybeans, soybean oil, and soybean meal. In the model, some consumers view genetically modified Roundup Ready (RR) soybeans and products as weakly inferior to conventional ones; the RR seed is...

A partial equilibrium four-region world trade model for the soybean complex is developed in which Roundup Ready (RR) products are weakly inferior substitutes to conventional ones, RR seeds are priced at a premium, and costly segregation is necessary to separate conventional and biotech products....

We develop a new partial equilibrium, four-region world trade model for the soybean complex comprising soybeans, soybean oil, and soybean meal. In the model, some consumers view genetically modified Roundup Ready (RR) soybeans and products as weakly inferior to conventional ones; the RR seed is...

We review some of the most significant issues and results on the economic effects of genetically modified (GM) product innovation, with emphasis on the question of GM labeling and the need for costly segregation and identity preservation activities. The analysis is organized around an explicit...

This paper analyzes production, hedging, and speculative decisions when both futures and options can be used in an expected utility model of price and basis uncertainty. When futures and option prices are unbiased, optimal hedging requires only futures (options are redundant). Options are used...

A hypothesis that hedging will not be an important factor for risk-averse investors when uncertainty is caused by futures prices and when basis risk is not associated with futures price is defended. Under a condition of constant absolute risk aversion (CARA), increments in futures prices will...