The Value of Non-Pecuniary Characteristics of Crop Biotechnologies: A New Look at the Evidence

Michele C. Marra and Nicholas E. Piggott
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Michele C. Marra: North Carolina State University
Nicholas E. Piggott: North Carolina State University

Chapter Chapter 8 in Regulating Agricultural Biotechnology: Economics and Policy, 2006, pp 145-177 from Springer

Abstract: Abstract In this chapter we examine the non-pecuniary aspects of the earliest crop biotechnologies. We analyze the stated values of the non-pecuniary aspects, taken from three farm-level surveys. We focus particularly on the phenomenon of part-whole bias, which is the empirical finding that the sum of the stated part-worths (the value of each non-pecuniary characteristic) is greater than the stated total value of all the non-pecuniary characteristics. We analyze the empirical evidence of part-whole bias in the surveys, while decomposing it to further understand the phenomenon and to rescale the stated values of the non-pecuniary characteristics in the surveys. We find for all three surveys that the degree to which part-worths should be rescaled is about 60 percent.

Keywords: crop biotechnology; non-pecuniary characteristics; stated preference; part-whole bias; rescaling (search for similar items in EconPapers)
Date: 2006
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Persistent link: https://EconPapers.repec.org/RePEc:spr:nrmchp:978-0-387-36953-2_8

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DOI: 10.1007/978-0-387-36953-2_8

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