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R&D Spillovers: Evidence from U.S. Food Processing, Farm Machinery and Agricultural Sectors

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  • Munisamy Gopinath
  • Terry Roe

Abstract

This paper computes private and social rates of return to R&D capital in the three vertically linked sectors, primary agriculture, food processing, and the farm machinery in the United States. Using a cost function approach, the private rates of return to R&D ranged from an average of 21.5% per annum for farm machinery to 87.5% for agriculture. The social rates of return to R&D in food processing and farm machinery are larger than the private rates due to spillovers. We find that spillovers from public agricultural R&D mitigates the market's failure in farm machinery to fully appropriate the returns to its R&D capital.

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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Economics of Innovation and New Technology.

Volume (Year): 9 (2000)
Issue (Month): 3 ()
Pages: 223-244

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Handle: RePEc:taf:ecinnt:v:9:y:2000:i:3:p:223-244

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Related research

Keywords: Intersectoral Spillovers; R&D capital; Rates of Return;

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Cited by:
  1. van Berkum, Siemen & van Meijl, Hans, 2000. "The application of trade and growth theories to agriculture: a survey," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 44(4), December.

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