Genetically Modified Crops: Their Market and Welfare Impacts
构建了一个分析转基因产品引入后价格与福利效应的框架，并以美国玉米市场为例，发现除非成本节约很小且消费者严重担忧，否则转基因技术通常能提高总福利。
A framework is developed for examining price and welfare effects of the introduction of genetically modified (GM) products. In the short run, non‐GM grain generally becomes another identity‐preserved product. However, more profound market effects are observed under some reasonable parameterizations. When calibrated to reflect the U.S. corn market, introducing GM technology increases aggregate welfare over a wide range of scenarios, unless the corresponding production cost savings are small and consumers are seriously concerned about GM products. The possibility that GM technology may reduce aggregate welfare is interesting because the model assumes rational agents and does not include regulatory constraints.