On the Demand for a State-Contingent, Cost-Saving Seed Trait
研究生物技术如何通过赋予作物耐农药性状，让农户在出苗后根据实际情况决定是否施药，从而节约成本；并分析了不同地块类型下性状专利费和作物管理策略的均衡决定因素。
Biotechnology has enriched the strategy set available to crop managers. Suppose a manager faces a decision between applying a pre-emergence pesticide or applying nothing at all. The advent of pesticide tolerance traits in plants admits the possibility of a state-contingent post-emergence application of pesticide. The innovation adds value in large part because it provides the manager with the option to wait for more information. For heterogeneous acre types, the determinants of trait royalties and of crop management strategies in equilibrium are studied. Pest resistance traits have different implications for crop management. Whereas a tolerance trait likely complements information technologies, the addition of a resistance trait may substitute for them.