The purpose of the paper is to theoretically examine the welfare implications of public sector involvement in agricultural biotechnology R&D. The model assumes that firms (either a private duopoly consisting of a pair of for-profit firms or a mixed duopoly consisting of one for-profit firm and...

The relationship between price uncertainty and specific investment is examined in a dynamic model that integrates the theories of real options and investment holdup. Because of weak contract enforcement, bilateral firms cannot use a contract to govern their bilateral investment and exchange...

The introduction of genetically modified (GM) crops in the mid 1990s appeared to be the latest in a string of technological innovations in agriculture. However, consumer resistance, particularly in Europe has limited the sector’s enthusiasm. One response to the limited enthusiasm has been the...

This study investigates the underlying reasons for a producer's choice of marketing channels for stocker cattle in the United States. In addition to traditional public auctions, private sales, video auctions, and Internet auctions have been recently used in the marketing of stocker cattle....

The discovery of StarLink corn in U.S. food products caused considerable disruption in the corn markets in 2000 and 2001. We estimated two models on the impact of StarLink corn over the 2000/2001 marketing year. In the first model, to segregate the U.S. corn market, identity preservation costs...

Sugar is a major commodity, produced and traded around the world, but it is no longer the only sweetener. For example, in the United States, roughly 50 percent of the sweetener market is made up of high fructose corn syrup (HFCS), which is also making inroads into Mexico. This is not the case,...