Economic opportunities for new genetic products

Research output: Chapter in Book/Report/Conference proceedingChapter

Abstract

Opportunities for new crop products will surely increase, but the development of any given new product is an entrepreneurial venture, and its success will depend partly on scientific and market knowledge, but also on intuition, inspiration and luck. This chapter aims to introduce some economic and marketing concepts that provide ways of thinking about the economics of these opportunities. It explains how many and which of the multitude of feasible genetic products will provide bundles with a net value exceeding that of the existing crop products. Both buyers will be willing to pay more for the feasible versions of their ideal varieties than for the variety, and given a linear innovation possibility frontier as implied, these are the only available breeding objectives. Since value is in the eyes of the buyer, value functions may differ among groups of buyers, and a separate selection index would then be appropriate for each.

Original languageEnglish (US)
Title of host publicationDesigning Crops for Added Value
Publisherwiley
Pages11-20
Number of pages10
ISBN (Electronic)9780891182320
ISBN (Print)9780891181446
DOIs
StatePublished - Oct 26 2015

Keywords

  • Crop product
  • Economic opportunity
  • Economic value
  • Innovation possibility frontier
  • Marketing
  • New genetic product
  • Selection index

ASJC Scopus subject areas

  • Engineering(all)
  • Agricultural and Biological Sciences(all)

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