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Effects And Value Of Verifiable Information In A Controversial Market: Evidence From Lab Auctions Of Genetically Modified Food, Matthew Rousu, Wallace Huffman, Jason F. Shogren, Abebayehu Tegene Nov 2006

Effects And Value Of Verifiable Information In A Controversial Market: Evidence From Lab Auctions Of Genetically Modified Food, Matthew Rousu, Wallace Huffman, Jason F. Shogren, Abebayehu Tegene

Economics Working Papers (2002–2016)

Food products containing genetically modified (GM) ingredients have entered the market over the past decade. The biotech industry and environmental groups have disseminating conflicting private information about GM foods. This paper develops a unique methodology for valuing independent third-party information in such a setting and applies this method to consumers’ willingness to pay for food products that might be GM. Data are collected from real consumers in an auction market setting with randomized information and labeling treatments. The average value of third-party information per lab participant is small, but the public good value across U.S. consumers is shown to ...


Farm Technology And Technical Efficiency: Evidence From Four Regions In China, Zhuo Chen, Wallace Huffman, Scott Rozelle May 2006

Farm Technology And Technical Efficiency: Evidence From Four Regions In China, Zhuo Chen, Wallace Huffman, Scott Rozelle

Economics Working Papers (2002–2016)

In this paper we fit stochastic frontier production functions to data for Chinese farms grouped into each of four regions—North, Northeast, East, and Southwest—over 1995-1999. These frontier production functions are shown to have statistically different structures, and the marginal product information shows overuse of chemical inputs in the East and capital services in the North. Labor also has a low marginal product. Next, we use the data and the production parameters to create technical efficiency scores for each of the farms and then standardize them. Standardized technical efficiency is shown to have the same structure across regions and ...


Economics Of Intellectual Property Rights In Plant Materials, Wallace Huffman Apr 2006

Economics Of Intellectual Property Rights In Plant Materials, Wallace Huffman

Economics Working Papers (2002–2016)

This paper presents an economic perspective on intellectual property in plant materials, including its value, and summary information on the U.S. seed industry. It first considers intellectual property rights--types, economic incentives that they bestow, and uses across developed and developing countries. Second, it considers the U.S. seed industry-- characteristics for major crops, optimal pricing of a superior variety, and relative size of public and private research expenditures. Some conclusions and implications are presented in the final section.