Valuing the Changes in Herbicide Risks Resulting from Adoption of Roundup Ready Soybeans by U.S. Farmers: An Empirical Analysis of Revealed Value Estimates
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A revealed-preference approach is proposed for the evaluation of the impact of changed patterns of herbicide use on RR soybeans. The results indicate that farmers consider herbicide safety in their herbicide choices and associate positive values with safety improvements. The aggregate welfare impact of reduced risk for the U.S. soybean farmers was estimated to be $90.3 million in 2001.