Journal
REVIEW OF ECONOMICS AND STATISTICS
Volume 89, Issue 3, Pages 522-533Publisher
M I T PRESS
DOI: 10.1162/rest.89.3.522
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In 2000, a genetically modified corn variety called StarLink that was not approved for human consumption was discovered in the food-corn supply. To estimate the price impact of this event on the U.S. corn market, we develop the relative price of a substitute method. This method applies not only to the StarLink event but also to rare events in other markets. We find that the contamination led to a 6.8% discount in corn prices and that the suppression of prices lasted for at least a year.
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