Advanced Search
MyIDEAS: Login

Setting Efficient Incentives for Agricultural Research: Lessons from Principal-Agent Theory

Contents:

Author Info

  • Wallace E. Huffman
  • Richard E. Just

Abstract

A conceptual analysis of important issues in the organization and management of academic research is presented. Principal-agent theory is applied to derive optimal compensation schemes for scientists when they differ in ability, risk aversion, cost of effort, and reservation utility, and to show the optimal trade-off between institutional risk and scientists' abilities. Implications for an efficient organization of research are derived, including how scientists' incentives should be structured to elicit optimal research efforts and direction, whether research direction should be centralized or decentralized, and whether the organization of research should be through external competitive grantsor program and institutional funding. Copyright 2000, Oxford University Press.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://hdl.handle.net/10.1111/0002-9092.00084
Download Restriction: Access to full text is restricted to subscribers.

As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

Bibliographic Info

Article provided by Agricultural and Applied Economics Association in its journal American Journal of Agricultural Economics.

Volume (Year): 82 (2000)
Issue (Month): 4 ()
Pages: 828-841

as in new window
Handle: RePEc:oup:ajagec:v:82:y:2000:i:4:p:828-841

Contact details of provider:
Postal: 555 East Wells Street, Suite 1100, Milwaukee, Wisconsin 53202
Phone: (414) 918-3190
Fax: (414) 276-3349
Email:
Web page: http://www.aaea.org/
More information through EDIRC

Related research

Keywords:

Other versions of this item:

References

No references listed on IDEAS
You can help add them by filling out this form.

Citations

Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
as in new window

Cited by:
  1. Day-Rubenstein, Kelly A. & Heisey, Paul W. & Klotz-Ingram, Cassandra & Frisvold, George B., 2000. "Competitive Grants And The Funding Of Agricultural Research In The U.S," 2000 Annual meeting, July 30-August 2, Tampa, FL 21863, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  2. Kremer, Michael & Zwane, Alix Peterson, 2005. "Encouraging Private Sector Research for Tropical Agriculture," World Development, Elsevier, vol. 33(1), pages 87-105, January.
  3. Valentina Cristiana MATERIA & Roberto ESPOSTI, 2010. "Modelling Agricultural Public R&D Cofinancing Within A Principal-Agent Framework. The case of an Italian region," Working Papers 347, Universita' Politecnica delle Marche (I), Dipartimento di Scienze Economiche e Sociali.
  4. Huffman, Wallace, 2005. "Developments in the Organization and Finance of Public Agricultural Research in the United States, 1988-1999," Staff General Research Papers 12485, Iowa State University, Department of Economics.
  5. Debertin, David L., 2001. "Are American Farmers Better Off As A Result Of Technology Gains?," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 33(02), August.
  6. Ekboir, Javier M. & de Herrera, Adys Pereira & Becerra, Franklin, 2003. "Analisis del sistema panameno de investigacion agropecuaria," Economics Working Papers 7679, CIMMYT: International Maize and Wheat Improvement Center.
  7. Parellada, Gabriel H. & Ekboir, Javier M., 2003. "Analisis del sistema argentino de investigacion agropecuaria," Economics Working Papers 7694, CIMMYT: International Maize and Wheat Improvement Center.
  8. Jin, Yu & Huffman, Wallace E., 2013. "Reduced U.S. Funding of Public Agricultural Research and Extension Risks Lowering Future Agricultural Productivity Growth Prospects," Staff General Research Papers 36796, Iowa State University, Department of Economics.
  9. Just, Richard E. & Huffman, Wallace E., 2009. "The economics of universities in a new age of funding options," Research Policy, Elsevier, vol. 38(7), pages 1102-1116, September.
  10. Huffman, Wallace, 2009. "Does Information Change Behavior?," Staff General Research Papers 13128, Iowa State University, Department of Economics.
  11. Foltz, Jeremy D. & Barham, Bradford L., 2008. "The Productivity Effects of Extension Appointments in Land Grant Colleges," Staff Paper Series 527, University of Wisconsin, Agricultural and Applied Economics.
  12. Oscar Alfranca, 2005. "Private R&D and Spillovers in European Agriculture," International Advances in Economic Research, Springer, vol. 11(2), pages 201-213, May.
  13. Olmos, Marta Fernandez & Martinez, Jorge Rosell, 2010. "The Quality-Quantity Trade-off in the Principal-Agent Framework," Agricultural Economics Review, Greek Association of Agricultural Economists, vol. 11(1), January.
  14. Ekboir, Javier M. & Espinosa Garcia, Jose Antonio & Espinoza Arellano, Jose de Jesus & Moctezuma Lopez, Georgel & Naranjo, Alfredo Tapia, 2003. "Analisis del sistema Mexicano de investigacion agropecuaria," Economics Working Papers 7684, CIMMYT: International Maize and Wheat Improvement Center.
  15. Dana G. Dalrymple, 2008. "International agricultural research as a global public good: concepts, the CGIAR experience and policy issues," Journal of International Development, John Wiley & Sons, Ltd., vol. 20(3), pages 347-379.

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:oup:ajagec:v:82:y:2000:i:4:p:828-841. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Oxford University Press) or (Christopher F. Baum).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.