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Dynamics of Biotechnology Adoption: ...

Yoo, Do-il.

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Dynamics of Biotechnology Adoption: an Application to U.S. Corn.

Record Type:	Language materials, printed : Monograph/item
Title/Author:	Dynamics of Biotechnology Adoption: an Application to U.S. Corn./
Author:	Yoo, Do-il.
Description:	213 p.
Notes:	Source: Dissertation Abstracts International, Volume: 74-04(E), Section: A.
Contained By:	Dissertation Abstracts International74-04A(E).
Subject:	Economics, Agricultural. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3546169
ISBN:	9781267792297

Dynamics of Biotechnology Adoption: an Application to U.S. Corn.
Yoo, Do-il.

Dynamics of Biotechnology Adoption: an Application to U.S. Corn. - 213 p.

Source: Dissertation Abstracts International, Volume: 74-04(E), Section: A.

Thesis (Ph.D.)--The University of Wisconsin - Madison, 2012.

This research develops a dynamic analysis of the role of risk and learning in technology adoption, with an empirical focus on the adoption of Genetically Modified (GM) corn in the U.S. Corn Belt. A conceptual structural dynamic programming (DP) model is developed to capture the relative roles of individual and social learning under uncertain profitability for both conventional and GM technology.

ISBN: 9781267792297Subjects--Topical Terms:

626648
Economics, Agricultural.

Dynamics of Biotechnology Adoption: an Application to U.S. Corn.
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020 $a 9781267792297
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035 $a AAI3546169
040 $a MiAaPQ $c MiAaPQ
100 1 $a Yoo, Do-il. $3 2099918
245 1 0 $a Dynamics of Biotechnology Adoption: an Application to U.S. Corn.
300 $a 213 p.
500 $a Source: Dissertation Abstracts International, Volume: 74-04(E), Section: A.
500 $a Adviser: Jean-Paul Chavas.
502 $a Thesis (Ph.D.)--The University of Wisconsin - Madison, 2012.
520 $a This research develops a dynamic analysis of the role of risk and learning in technology adoption, with an empirical focus on the adoption of Genetically Modified (GM) corn in the U.S. Corn Belt. A conceptual structural dynamic programming (DP) model is developed to capture the relative roles of individual and social learning under uncertain profitability for both conventional and GM technology.
520 $a The DP model involves solving Bellman equation under imperfect state information. It relies on sufficient statistics given by the mean and variance of profit under normality assumption. Farmers' learning process is given by the evolution of the mean and variance of profit and represented by the Kalman filter algorithm, where degrees of individual learning and social learning are parameterized. And farmers' risk aversion is specified using an additive mean-variance utility function under normality and Constant Absolute Risk Aversion (CARA). Parameters are estimated by nesting the DP problem (Bellman equation with the Kalman filter) within a minimum-distance estimator.
520 $a The model is applied to a unique panel dataset of U.S. corn farmers collected by dmrkynetic (DMR). Four models of farmers' adoption pattern are developed. First, an aggregate model of a representative farmer is applied, covering the whole DMR panel dataset (a benchmark case). Second, three disaggregate models are applied to three sub-groups of farmers: the early-, the intermediate-, and the late- adopters of GM technology. The disaggregate models allow the investigation of parameter heterogeneity across groups of farmers.
520 $a Our empirical analysis provides new and useful information on the role of risk, risk aversion, and social learning in GM technology adoption. Our results confirm the followings: First, farmers are risk averse in adopting new technologies (GM seeds). Second, both individual and social learning play a key role in adopting GM technology in positive directions with high statistical significance. Third, the impacts of individual learning are shown to be larger than the impacts of social learning. Further, our empirical results across farm types demonstrate that farmers adopt GM technology later as they are more risk-averse and rely more on social interactions (as information externalities are stronger).
590 $a School code: 0262.
650 4 $a Economics, Agricultural. $3 626648
650 4 $a Economics, General. $3 1017424
650 4 $a Engineering, Biomedical. $3 1017684
690 $a 0503
690 $a 0501
690 $a 0541
710 2 $a The University of Wisconsin - Madison. $b Agricultural and Applied Econ. $3 2099919
773 0 $t Dissertation Abstracts International $g 74-04A(E).
790 $a 0262
791 $a Ph.D.
792 $a 2012
793 $a English
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3546169