Valuing product innovation: genetically engineered varieties in US corn and soybeans

• 成果类型: Article
• 署名作者: Ciliberto, Federico; Moschini, GianCarlo; Perry, Edward D.
• 署名单位: University of Virginia; Centre for Economic Policy Research - UK; Leibniz Association; DIW Berlin - Deutsches Institut fur Wirtschaftsforschung; Iowa State University; Kansas State University
• 刊物名称: RAND JOURNAL OF ECONOMICS
• ISSN/ISSBN: 0741-6261
• DOI: 10.1111/1756-2171.12290
• 发表日期: 2019
• 页码: 615-644
• 关键词: discrete-choice models; agricultural biotechnology; CROPS; differentiation; ECONOMICS; MARKETS; TRADE; yield

摘要

We develop a discrete-choice model of differentiated products for US corn and soybean seed demand to study the welfare impact of genetically engineered (GE) crop varieties. Using a unique data set spanning the period 1996-2011, we find that the welfare impact of the GE innovation is significant. In the last five years of the period analyzed, our preferred counterfactual indicates that total surplus due to GE traits was $5.18 billion per year, with seed manufacturers appropriating 56% of this surplus. The seed industry obtained more surplus from GE corn, whereas farmers received more surplus from GE soybeans.