Not All Thin Markets Are Alike: The Case of Organic and Non‐genetically Engineered Corn and Soybeans
研究了有机和非转基因饲料玉米大豆与其常规品种的价格关系，发现有机产品溢价高且稳定，而非转基因产品溢价较窄且易崩溃，差异源于美国农业部有机标签的认可度和消费者对非转基因属性的重视。
Abstract We use time series methods to explore the relationship between prices for two different niche versions of feed corn and soybeans, and their conventional counterparts. Whereas organic versions are linearly cointegrated, and their premia are high and stable, non‐GE products – which are nonlinearly cointegrated – exhibit narrower premia that are subject to collapse. Because organics are also non‐GE, these differences point to the value of a well‐recognised and enforced USDA organic label and/or the importance consumers place on the non‐GE attributes of organic products.