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Public R&D Investment and Cost Behaviour in Italian Agriculture: 1960-1995

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Author Info
Esposti, Roberto
Pierani, Pierpaolo

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Abstract

The public R&D capital stock is introduced as a quasi-fixed input in a variable cost function. The relative shadow price allows the correct measurement of the equilibrium levels of quasi-fixed inputs thus explicitly assessing the hypothesis of public R&D under (over) investment. By introducing an appropriate R&D price in the long-run equilibrium, the model can also provide empirical evidence on the rationale driving public R&D investment and on the hypothesis that free-riding on public R&D can explain overinvestment. Moreover, the model allows a formal testing of the induced innovation hypothesis and a more accurate calculation of both internal rate of return to R&D and residual exogenous productivity growth. The empirical implications of the model are appraised in the case of Italian agriculture for the period 1960-1995.

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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 24974.

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Date of creation: 2002
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Handle: RePEc:ags:eaae02:24974

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Keywords: Public Economics;

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Jean-Paul Chavas & Michael Aliber & Thomas L. Cox, 2000. "An Analysis Of The Source And Nature Of Technical Change: The Case Of U.S. Agriculture," The Review of Economics and Statistics, MIT Press, vol. 79(3), pages 482-492, August. [Downloadable!] (restricted)
  2. Mamuneas, T.P. & Nadiri, M.I., 1993. "Public R&D Policies and Cost Behavior of the U.S. Manufacturing Industries," Working Papers 93-44, C.V. Starr Center for Applied Economics, New York University. [Downloadable!]
    Other versions:
  3. Morrison, Catherine J, 1988. "Quasi-Fixed Inputs in U.S. and Japanese Manufacturing: A Generalized Leontief Restricted Cost Function Approach," The Review of Economics and Statistics, MIT Press, vol. 70(2), pages 275-87, May. [Downloadable!] (restricted)
  4. Ruttan, Vernon W, 1997. "Induced Innovation, Evolutionary Theory and Path Dependence:," Economic Journal, Royal Economic Society, vol. 107(444), pages 1520-29, September. [Downloadable!] (restricted)
  5. 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!]
  6. Catherine J. Morrison & Donald Siegel, 1997. "External Capital Factors And Increasing Returns In U.S. Manufacturing," The Review of Economics and Statistics, MIT Press, vol. 79(4), pages 647-654, November. [Downloadable!] (restricted)
  7. Nadiri, M Ishaq & Mamuneas, Theofanis P, 1994. "The Effects of Public Infrastructure and R&D Capital on the Cost Structure and Performance of U.S. Manufacturing Industries," The Review of Economics and Statistics, MIT Press, vol. 76(1), pages 22-37, February. [Downloadable!] (restricted)
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  8. Charles I. Jones & John C. Williams, 1998. "Measuring The Social Return To R&D," The Quarterly Journal of Economics, MIT Press, vol. 113(4), pages 1119-1135, November. [Downloadable!] (restricted)
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  9. Morrison, Catherine J & Schwartz, Amy Ellen, 1996. "Public Infrastructure, Private Input Demand, and Economic Performance in New England Manufacturing," Journal of Business & Economic Statistics, American Statistical Association, vol. 14(1), pages 91-101, January.
  10. Esposti, Roberto & Pierani, Pierpaolo, 2000. "Modelling technical change in Italian agriculture: a latent variable approach," Agricultural Economics, Blackwell, vol. 22(3), pages 261-270, April. [Downloadable!] (restricted)
  11. Esposti, Roberto, 2002. "Public agricultural R&D design and technological spill-ins: A dynamic model," Research Policy, Elsevier, vol. 31(5), pages 693-717, July. [Downloadable!] (restricted)
  12. Huffman, Wallace E. & Just, Richard E., 1999. "The organization of agricultural research in western developed countries," Agricultural Economics, Blackwell, vol. 21(1), pages 1-18, August. [Downloadable!] (restricted)
  13. Moschini, GianCarlo, 2001. "Production risk and the estimation of ex-ante cost functions," Journal of Econometrics, Elsevier, vol. 100(2), pages 357-380, February. [Downloadable!] (restricted)
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  14. Morrison, Catherine J & Schwartz, Amy Ellen, 1996. "State Infrastructure and Productive Performance," American Economic Review, American Economic Association, vol. 86(5), pages 1095-1111, December. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Baldi, Lucia & Casati, Dario, 2005. "Induced Innovation in Italy: An Error Correction Model for the Period 1968-2002," 2005 International Congress, August 23-27, 2005, Copenhagen, Denmark 24590, European Association of Agricultural Economists. [Downloadable!]
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This page was last updated on 2009-11-26.

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