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Objective – The current biotechnology revolution has been associated with newly developed genetic modifications (GM) that offer new prospects for increasing agricultural…
Objective – The current biotechnology revolution has been associated with newly developed genetic modifications (GM) that offer new prospects for increasing agricultural productivity. This has stimulated a rapid adoption of GM corn hybrids by U.S. farmers. Yet, there is concern about the structure of competition among biotech firms that own patents over GM traits. This chapter evaluates the spatial differences in pricing of biotech corn hybrids, with a focus on the fringe versus core regions of the U.S. Corn Belt.
Methods – The analysis examines how local conditions and market concentrations affect the pricing of GM corn hybrids in different locations.
Results – We find evidence of more extensive subadditive pricing in the fringe region. We also examine how both own- and cross-market concentrations affect prices across regions. For GM hybrids, the results show that market power is generally more prevalent in the core region compared to the fringe.
Conclusions – The evidence shows that the pricing of GM corn hybrids varies across space. The observed pricing schemes benefit farmers more in the fringe than in the core region of the Corn Belt.
The purpose of this paper is to estimate an individual’s probability of preservation of the night view of Han-River bridge tax using the contingent valuation method (CVM…
The purpose of this paper is to estimate an individual’s probability of preservation of the night view of Han-River bridge tax using the contingent valuation method (CVM) and to present the effects of 4Es on experience economy theory.
The on-site survey was conducted in the 11 district Han-River parks: Gwangnaru, Jamsil, Ttukseom, Jamwon, Banpo, Yeechon, Yeouido, Mangwon, Nanji, Ganseo and Yanghwa district, including 24 bridges such as Banpo, Olympic bridge during 8-9 pm around the lighting and 9-10 pm peak time of lighting.
Truncated mean willingness-to-pay indicates that the economic value of the night view of Han-River bridge is 49,575 won (about USA $50) per household, which implies the significance of the preservation value of the night view.
This study sets a hypothetical market, and there are limitations on hypothetical bias of the dichotomous choice CVM. For the future study, a survey with a specific real payment vehicle in an attempt to reduce hypothetical bias can be a tool for the prevention of the overestimation.
Through the study, Seoul city has to invest aggressively on the night view landscape business of Han-River bridge, which can become a landmark and has lots of attraction for tourists. As this study’s core aim was to justify the economic value of the night view of the Han-River bridges, the estimated amount strongly supports the lighting business of the Han-River bridge.
The results of this research may help policy-makers of Han-River to establish practical decisions as to whether improving and preserving the Han-River’s night view lighting business are worth the value.