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Valuing the Changes in Herbicide Risks Resulting from Adoption of Roundup Ready Soybeans by U.S. Farmers: A Revealed-Preference Approach

Olha Sydorovych and Michele Marra

Journal of Agricultural and Applied Economics, 2008, vol. 40, issue 3, 777-787

Abstract: A revealed-preference–based approach is proposed for valuation of the environmental and human impacts of pesticides. It is assumed that farmers reveal their willingness to pay for improved pesticide safety by selecting a specific product out of the set of available alternatives based on their costs, effectiveness, and safety. The approach is applied to estimate the welfare impact of changed patterns of herbicide use on Roundup Ready soybeans. The results indicate that farmers associate positive values with safety improvements. The aggregate welfare impact of the reduced risk for the U.S. soybean farmers was estimated to be $90.3 million in 2001.

Date: 2008
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