Ex-ante regulations and ex-post liabilities for using a new technology will induce additional costs for adopters. The standard model is advanced by including irreversibility and uncertainty and taking into account transaction costs of negotiating possible cost reductions. The case analysed is...

Genetically modified corn seed companies have innovated continuously with the introduction of new traits and, more recently, with the creation of stacked varieties. Thiswork develops a Bayesian model of adoption that demonstrates how uncertainty with a package technology can lead to a sequential...

Ex-ante regulations and ex-post liabilities for using a new technology will induce additional costs for adopters. The standard model is advanced by including irreversibility and uncertainty and taking into account transaction costs of negotiating possible cost reductions. The case analysed is...

"Techniques of genetic engineering are changing the role of living things in the production process. From rabbits that produce human pharmaceuticals in their milk to plants that produce plastics and other building materials in their leaves, life itself is increasingly harnessed as a force of...