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 language | English (US) |
|---|---|
| Title of host publication | Designing Crops for Added Value |
| Publisher | wiley |
| Pages | 11-20 |
| Number of pages | 10 |
| ISBN (Electronic) | 9780891182320 |
| ISBN (Print) | 9780891181446 |
| DOIs | |
| State | Published - Oct 26 2015 |
Keywords
- Crop product
- Economic opportunity
- Economic value
- Innovation possibility frontier
- Marketing
- New genetic product
- Selection index
ASJC Scopus subject areas
- General Engineering
- General Agricultural and Biological Sciences