This article demonstrates the value of a trait-based approach to studying technology adoption, by empirically analyzing how the valuation of technological traits may depend on factors beyond standard price considerations. We estimate a model of willingness to pay for risk-reducing technological traits and examine how this might vary depending on how the trait is offered to farmers, on the combination of risk reduction with other traits, and on farmers' heterogeneous tastes and perceptions about pecuniary and non-pecuniary advantages of the traits. As seed technologies are increasingly differentiated, the options for purchasing a seed that reduces farmers' yield risk are broader. We study two of these options in an ex ante framework, where farmers can purchase a drought-tolerance (DT) trait that is embedded in the seed-which is itself differentiated according to whether the seed is genetically modified or not-and/or a yield warranty that is bundled with the seed, which provides the same degree of yield insurance. Reprinted by permission of the American Agricultural Economics Association