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Producer Surplus without Apology? Evaluating Investments in R&D

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Author Info
Martin, Will
Alston, Julian M

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Abstract

Comparison of producer surplus with definitive measures based on the profit function reveals potential problems with using changes in producer surplus to measure the benefits of some common types of technical change. Some illustrative applications indicate that the conventional producer surplus measures may seriously underestimate the change in profit induced by new technology, depending on the characteristics of the underlying technology which define the nature of the supply function, and the nature of the technical change. The authors provide guidelines for identifying cases where producer surplus will underestimate producer research benefits and suggest alternative measures. Copyright 1997 by The Economic Society of Australia.

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Publisher Info
Article provided by The Economic Society of Australia in its journal The Economic Record.

Volume (Year): 73 (1997)
Issue (Month): 221 (June)
Pages: 146-58
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Handle: RePEc:bla:ecorec:v:73:y:1997:i:221:p:146-58

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  1. Pardey, Philip G. & Alston, Julian M. & Chan-Kang, Connie & Magalhaes, Eduardo C. & Vosti, Stephen A., 2002. "International And Institutional R&D Spillovers: Attribution Of Benefits Among Sources For Brazil'S New Crop Varieties," Working Papers 14422, University of Minnesota, Center for International Food and Agricultural Policy. [Downloadable!]
    Other versions:
  2. Will Martin, 2002. "Outgrowing Resource Dependence: Theory and Evidence," Working Papers Central Bank of Chile 143, Central Bank of Chile. [Downloadable!]
  3. Martin, Will, 2000. "Reducing carbon dioxide emissions through joint implementation of projects," Policy Research Working Paper Series 2359, The World Bank. [Downloadable!]
  4. Gregg Frasco & Chulho Jung, 2001. "When producer surplus underestimates rents," Atlantic Economic Journal, International Atlantic Economic Society, vol. 29(4), pages 393-405, December. [Downloadable!] (restricted)
  5. Martin, Will, 2005. "Outgrowing resource dependence theory and some recent developments," Policy Research Working Paper Series 3482, The World Bank. [Downloadable!]
  6. George Verikios, 2006. "Understanding the World Wool Market: Trade, Productivity and Grower Incomes. Part 5: Relative Returns to Australian Wool Producers of On- and Off-Farm Research," Economics Discussion / Working Papers 06-23, The University of Western Australia, Department of Economics. [Downloadable!]
  7. Gregg Frasco, 2002. "A comparison of rents and producer surplus when industry input supply functions are interdependent," Atlantic Economic Journal, International Atlantic Economic Society, vol. 30(4), pages 403-413, December. [Downloadable!] (restricted)
  8. Templeton, Deborah & Griffith, Garry & Piggott, Roley & O'Donnell, Chris, 2004. "Measuring the Impact of Staple Strength-Enhancing Technologies on Australian Wool Producer Profits: A Duality-Based Approach," Working Papers 12922, University of New England, School of Economics. [Downloadable!]
  9. Pardey, Philip G. & Alston, Julian M. & Chan-Kang, Connie & Magalhães, Eduardo C. & Vosti, Stephen A., 2002. "Assessing and attributing the benefits from varietal improvement research: evidence from Embrapa, Brazil," EPTD discussion papers 95, International Food Policy Research Institute (IFPRI). [Downloadable!]
  10. Karagiannis, G. & Furtan, W.H., 2002. "The Effects of Supply Shifts on Producers' Surplus: the Case of Inelastic Linear Supply Curves," Agricultural Economics Review, Greek Association of Agricultural Economists, vol. 3(1), January. [Downloadable!]
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