BIOTECHNOLOGY IN AGRICULTURE: IMPLICATIONS FOR FARM-LEVEL RISK MANAGEMENT
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This study examines the risks associated with adoption of biotech crops and discusses their implications for risk management at the farm level. We develop an analytical risk evaluation matrix framework to illustrate changes in production and marketing risks of biotech and non-biotech crops. Price uncertainty generated by consumer concerns is the major risk facing biotech farmers, while cross-pollination with biotech crops and preservation of non-biotech status are major concerns for non-biotech farmers. Improved market infrastructure to handle biotech products and modification of the current risk management tools to accommodate new risks are essential in reducing the farm-level risks.