Impact of Biotech Grains on Market Structure and Societal Welfare

The authors quantify the economic impact of introducing genetically modified (GM) crops in the research paper from Iowa State University. Short-run results suggest that it might be optimal to maintain the identity of a greater proportion of non-GM grain than is currently demanded by non-GM consumers. Long-run results show that GM crops almost always benefit society, but one scenario is presented where overall welfare falls.