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Public R&D Investment From Private And Social Perspective. An Application To Italian Agriculture, 1960-1995

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Author Info
Esposti, Roberto
Pierani, Pierpaolo

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Abstract

Public R&D stock is considered as quasi-fixed input in a variable cost function. Its shadow price allows to measure the long run optimal level thus explicitly assessing the hypothesis of under (over) investment. Two alternative R&D prices are defined depending on whether the social or private (farmers) view prevails. The results under these alternatives provide evidence on the hypothesis that free-riding on public R&D explain overinvestment. The application to the Italian agriculture (1960-1995) suggests overinvestment in public research since the late seventies with a significant difference between the social and private optimal R&D, the former being much closer to the observed level.

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Paper provided by International Association of Agricultural Economists in its series 2003 Annual Meeting, August 16-22, 2003, Durban, South Africa with number 25876.

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Date of creation: 2003
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Handle: RePEc:ags:iaae03:25876

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Keywords: Research and Development/Tech Change/Emerging Technologies;

References listed on IDEAS
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  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!]
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  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. 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!]
  5. Evenson, Robert E., 2001. "Economic impacts of agricultural research and extension," Handbook of Agricultural Economics, in: B. L. Gardner & G. C. Rausser (ed.), Handbook of Agricultural Economics, edition 1, volume 1, chapter 11, pages 573-628 Elsevier. [Downloadable!] (restricted)
  6. 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)
  7. 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)
  8. 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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  9. Nestor Terleckyj, 1980. "Direct and Indirect Effects of Industrial Research and Development on the Productivity Growth of Industries," NBER Chapters, in: New Developments in Productivity Measurement, pages 357-386 National Bureau of Economic Research, Inc. [Downloadable!]
  10. 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)
  11. Charles I. Jones & John C. Williams, . "Too Much of a Good Thing? The Economics of Investment in R&D," Working Papers 95006, Stanford University, Department of Economics.
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  12. M. Ishaq Nadiri, 1993. "Innovations and Technological Spillovers," NBER Working Papers 4423, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  13. 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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  14. 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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  15. Aghion, Philippe & Howitt, Peter, 1992. "A Model of Growth through Creative Destruction," Econometrica, Econometric Society, vol. 60(2), pages 323-51, March. [Downloadable!] (restricted)
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  16. Roberto ESPOSTI & Pierpaolo PIERANI, 2001. "Building the Knowledge Stock: Lags, Depreciation and Uncertainty in Agricultural R&D," Working Papers 145, Universita' Politecnica delle Marche (I), Dipartimento di Economia. [Downloadable!]
  17. Nadiri, M.I., 1993. "Innovations and Technological Spillovers," Working Papers 93-31, C.V. Starr Center for Applied Economics, New York University. [Downloadable!]
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