Economics of new technologies for sustainable agriculture
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Sustainable agriculture is prescribed as a policy approach that maximizes
economic benefits while maintaining environmental quality. It is argued that this
approach is human capital-intensive and encourages new scientific developments.
To attain sustainability, economic incentives for the development and adoption of
precision technologies (with minimal residues that cause environmental damage)
have to be developed. Taxation and tradeable permits are desirable policies to
attain first-best solutions; however, when heterogeneity and lack-of-information
problems are significant, alternative institutions have to be developed. The paper
presents and discusses such institutions.