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Crop Research Incentives in a Privatized Industry: A Stochastic Approach

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Author Info
Malla, Stavroula
Gray, Richard
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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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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Related research
Keywords: search process; stochastic process; biotechnology; IPRs; applied R&D; basic R&D; imperfect competition; differentiated products; heterogeneous producers.; Agribusiness;

References listed on IDEAS
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  1. Rosenberg, Nathan, 1990. "Why do firms do basic research (with their own money)?," Research Policy, Elsevier, vol. 19(2), pages 165-174, April. [Downloadable!] (restricted)
  2. Brooks, Harvey, 1994. "The relationship between science and technology," Research Policy, Elsevier, vol. 23(5), pages 477-486, September. [Downloadable!] (restricted)
  3. Alston, Julian M. & Marra, Michele C. & Pardey, Philip G. & Wyatt, T. J., 1998. "Research returns redux: a meta-analysis of the returns to agricultural R&D," EPTD discussion papers 38, International Food Policy Research Institute (IFPRI). [Downloadable!]
  4. Roberts, Russell D, 1984. "A Positive Model of Private Charity and Public Transfers," Journal of Political Economy, University of Chicago Press, vol. 92(1), pages 136-48, February. [Downloadable!] (restricted)
  5. Nelson, Phillip, 1970. "Information and Consumer Behavior," Journal of Political Economy, University of Chicago Press, vol. 78(2), pages 311-29, March-Apr. [Downloadable!] (restricted)
  6. Moschini, GianCarlo & Lapan, Harvey, 2002. "Intellectual Property Rights and the Welfare Effects of Agricultural R & D," Staff General Research Papers 5048, Iowa State University, Department of Economics.
  7. George J. Stigler, 1961. "The Economics of Information," Journal of Political Economy, University of Chicago Press, vol. 69, pages 213. [Downloadable!] (restricted)
  8. 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. [Downloadable!] (restricted)
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  9. Romer, Paul M, 1990. "Endogenous Technological Change," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages S71-102, October. [Downloadable!] (restricted)
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  10. Evenson, Robert E & Kislev, Yoav, 1976. "A Stochastic Model of Applied Research," Journal of Political Economy, University of Chicago Press, vol. 84(2), pages 265-81, April. [Downloadable!] (restricted)
  11. Adams, James D, 1990. "Fundamental Stocks of Knowledge and Productivity Growth," Journal of Political Economy, University of Chicago Press, vol. 98(4), pages 673-702, August. [Downloadable!] (restricted)
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