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Crop Research Incentives in a Privatized Industry: A Stochastic Approach

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  • Malla, Stavroula
  • Gray, Richard S.
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    Abstract

    We model today's privatized crop research industry as a small number of firms, developing and selling differentiated products to heterogeneous producers. Crop variety research is modeled as a search process, which allows us to differentiate between applied and basic research and recognize research as a stochastic process. We use the framework to develop a number of propositions regarding private research incentives, the spillovers of knowledge, and the impact of public policy. The results suggest an underinvestment in research even when property rights have been established.

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    File URL: http://purl.umn.edu/24936
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    Bibliographic Info

    Paper provided by European Association of Agricultural Economists in its series 2002 International Congress, August 28-31, 2002, Zaragoza, Spain with number 24936.

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    Date of creation: 2002
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    Handle: RePEc:ags:eaae02:24936

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    Keywords: search process; stochastic process; biotechnology; IPRs; applied R&D; basic R&D; imperfect competition; differentiated products; heterogeneous producers.; Agribusiness;

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    1. Paul Romer, 1989. "Endogenous Technological Change," NBER Working Papers 3210, National Bureau of Economic Research, Inc.
    2. Adams, James D, 1990. "Fundamental Stocks of Knowledge and Productivity Growth," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 98(4), pages 673-702, August.
    3. Evenson, Robert E & Kislev, Yoav, 1976. "A Stochastic Model of Applied Research," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 84(2), pages 265-81, April.
    4. Moschini, GianCarlo & Lapan, Harvey E., 1997. "Intellectual Property Rights and the Welfare Effects of Agricultural R & D," Staff General Research Papers 5048, Iowa State University, Department of Economics.
    5. Thirtle, C. & Bottomley, P. & Palladino, P. & Schimmelpfennig, D. & Townsend, R., 1998. "The rise and fall of public sector plant breeding in the United Kingdom: a causal chain model of basic and applied research and diffusion," Agricultural Economics, Blackwell, Blackwell, vol. 19(1-2), pages 127-143, September.
    6. Roberts, Russell D, 1984. "A Positive Model of Private Charity and Public Transfers," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 92(1), pages 136-48, February.
    7. Nelson, Phillip, 1970. "Information and Consumer Behavior," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 78(2), pages 311-29, March-Apr.
    8. Alston, Julian M. & Marra, Michele C. & Pardey, Philip G. & Wyatt, T.J., 2000. "Research returns redux: a meta-analysis of the returns to agricultural R&D," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, Australian Agricultural and Resource Economics Society, vol. 44(2), June.
    9. George J. Stigler, 1961. "The Economics of Information," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 69, pages 213.
    10. Brooks, Harvey, 1994. "The relationship between science and technology," Research Policy, Elsevier, vol. 23(5), pages 477-486, September.
    11. Pannell, David J., 1999. "On the balance between strategic-basic and applied agricultural research," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, Australian Agricultural and Resource Economics Society, vol. 43(1), March.
    12. Rosenberg, Nathan, 1990. "Why do firms do basic research (with their own money)?," Research Policy, Elsevier, vol. 19(2), pages 165-174, April.
    13. Bergstrom, Theodore & Blume, Lawrence & Varian, Hal, 1986. "On the private provision of public goods," Journal of Public Economics, Elsevier, vol. 29(1), pages 25-49, February.
    14. Murray Fulton, 1997. "The Economics of Intellectual Property Rights: Discussion," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, Agricultural and Applied Economics Association, vol. 79(5), pages 1592-1594.
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