Estimated domestic producer and end user benefits from genetically modifying U.S. soybeans. McVey, M., J., Pautsch, G., R., & Baumel, C., P. Journal of Production Agriculture, 8(2):209-214, 1995.
abstract   bibtex   
Recent losses in the US soyabean market share have motivated producers to seek alternative methods of increasing the demand for US soyabeans. Organizations funded by US soyabean producers are at the forefront of this issue, struggling with the dilemma of determining which options to pursue in order to generate the greatest returns for producers. Options include genetically modifying soyabeans to better fit the needs of end users, increase per acre yields, and reduce production costs. This paper uses producer and consumer surplus models to estimate the expected net benefits accruing to US soyabean producers and end users from five genetic modifications. The modifications comprise: increase in lysine, dramatic decrease in protein and decrease in oil, increase in saturated fatty acids, increase in methionine, and development of a multipurpose oil. Producer welfare is found to increase with increasing demand elasticities. The most favourable scenario for producer organizations is where the elasticity of demand is high relative to the elasticity of supply, the added production costs or yield loss is zero, the shifts in total demand for US soyabeans are large, and the probability of research success is high. Producer organizations cannot simply compare the modifications based on their per bushel added values. Investing in the three modifications which had the highest per bushel added values resulted in expected producer net benefits $472.8 million lower than investing in research on the three modifications with the highest expected producer net benefits. Soyabean modifications with moderately reduced yields will typically result in negative benefits for producers. Very small or no yield reductions or very large per bushel values from the modification are needed to produce positive net values to producers.
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 title = {Estimated domestic producer and end user benefits from genetically modifying U.S. soybeans},
 type = {article},
 year = {1995},
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 keywords = {America,Developed Countries,Fabaceae,Fabales,Farming Systems and Management (EE200) (Discontinu,Glycine (Fabaceae),Glycine max,North America,OECD Countries,Papilionoideae,Plant Breeding and Genetics (FF020),Spermatophyta,Supply, Demand and Prices (EE130),USA,United States of America,angiosperms,breeding,capital outlay,dicotyledons,economics,eukaryotes,genetic improvement,grain legumes,investment,plant breeding,plants,production,pulses,research,returns,soyabeans,soybeans,studies,welfare economics},
 pages = {209-214},
 volume = {8},
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 abstract = {Recent losses in the US soyabean market share have motivated producers to seek alternative methods of increasing the demand for US soyabeans. Organizations funded by US soyabean producers are at the forefront of this issue, struggling with the dilemma of determining which options to pursue in order to generate the greatest returns for producers. Options include genetically modifying soyabeans to better fit the needs of end users, increase per acre yields, and reduce production costs. This paper uses producer and consumer surplus models to estimate the expected net benefits accruing to US soyabean producers and end users from five genetic modifications. The modifications comprise: increase in lysine, dramatic decrease in protein and decrease in oil, increase in saturated fatty acids, increase in methionine, and development of a multipurpose oil. Producer welfare is found to increase with increasing demand elasticities. The most favourable scenario for producer organizations is where the elasticity of demand is high relative to the elasticity of supply, the added production costs or yield loss is zero, the shifts in total demand for US soyabeans are large, and the probability of research success is high. Producer organizations cannot simply compare the modifications based on their per bushel added values. Investing in the three modifications which had the highest per bushel added values resulted in expected producer net benefits $472.8 million lower than investing in research on the three modifications with the highest expected producer net benefits. Soyabean modifications with moderately reduced yields will typically result in negative benefits for producers. Very small or no yield reductions or very large per bushel values from the modification are needed to produce positive net values to producers.},
 bibtype = {article},
 author = {McVey, M J and Pautsch, G R and Baumel, C P},
 journal = {Journal of Production Agriculture},
 number = {2}
}
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