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Rates of Return to Public Agricultural Research in 48 U.S. States

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  • Plastina, Alejandro S.
  • Fulginiti, Lilyan E.

Abstract

The internal rate of return to public investment in agricultural R&D is estimated for each of the continental U.S. states. Theoretically, our contribution provides a way of obtaining the returns to a local public good using Rothbart’s concept of virtual prices. Empirically, we use the spatial dependency among states generated by knowledge spillovers to define the ‘appropriate’ jurisdiction. We estimate an average own-state rate of 17% and a social rate of 27%. These figures should inform the policy debate on the allocation of federal funds to research in anticipation of a possible global food crisis.

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Bibliographic Info

Paper provided by International Association of Agricultural Economists in its series 2009 Conference, August 16-22, 2009, Beijing, China with number 51709.

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Date of creation: 2009
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Handle: RePEc:ags:iaae09:51709

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Keywords: internal rates of return; public R&D; spillins; local public goods; appropriate jurisdiction; spatial.; Production Economics; Productivity Analysis; Public Economics; Research and Development/Tech Change/Emerging Technologies; Q16; H41; C33; C31;

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  1. Alejandro Onofri & Lilyan Fulginiti, 2008. "Public inputs and dynamic producer behavior: endogenous growth in U.S. agriculture," Journal of Productivity Analysis, Springer, vol. 30(1), pages 13-28, August.
  2. Fulginiti, Lilyan & Perrin, Richard, 1993. "The Theory and Measurement of Producer Response under Quotas," The Review of Economics and Statistics, MIT Press, vol. 75(1), pages 97-106, February.
  3. Fulginiti, Lilyan E. & Perrin, Richard, 1993. "Theory and Measurement of Producer Response Under Quotas (The)," Staff General Research Papers 778, Iowa State University, Department of Economics.
  4. Huffman, Wallace & Evenson, Robert E., 1992. "Contributions of Public and Private Science and Technology to U.S. Agricultural Productivity," Staff General Research Papers 10990, Iowa State University, Department of Economics.
  5. Alan McCunn & Wallace E. Huffman, 2000. "Convergence in U.S. Productivity Growth for Agriculture: Implications of Interstate Research Spillovers for Funding Agricultural Research," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 82(2), pages 370-388.
  6. Andersen, Matthew A. & Alston, Julian M. & Pardey, Philip G., 2007. "Capital Use Intensity and Productivity Biases," Staff Papers 7314, University of Minnesota, Department of Applied Economics.
  7. Huffman, Wallace E. & Evenson, Robert E., 1993. "Science for Agriculture: A Long Term Perspective," Staff General Research Papers 10997, Iowa State University, Department of Economics.
  8. 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).
  9. Huffman, Wallace E. & Evenson, Robert E., 2000. "Structural and productivity change in US agriculture, 1950-1982," Agricultural Economics, Blackwell, vol. 24(2), pages 127-147, January.
  10. D. Schimmelpfennig & C. Thirtle, 1994. "Cointegration, And Causality: Exploring The Relationship Between Agricultural And Productivity," Journal of Agricultural Economics, Wiley Blackwell, vol. 45(2), pages 220-231.
  11. Khanna, J. & Huffman, Wallace & Sandler, T., 1994. "Agricultural Research Expenditures in the United States: A Public Goods Perspective," Staff General Research Papers 10994, Iowa State University, Department of Economics.
  12. Albert K. A. Acquaye & Julian M. Alston & Philip G. Pardey, 2003. "Post-War Productivity Patterns in U.S. Agriculture: Influences of Aggregation Procedures in a State-Level Analysis," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 85(1), pages 59-80.
  13. 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.
  14. White, Fred C. & Havlicek, Joseph, Jr., 1979. "Rates Of Return To Agricultural Research And Extension In The Southern Region," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 11(02), December.
  15. Kelejian, Harry H. & Prucha, Ingmar R., 2004. "Estimation of simultaneous systems of spatially interrelated cross sectional equations," Journal of Econometrics, Elsevier, vol. 118(1-2), pages 27-50.
  16. Huffman, Wallace & Evenson, Robert E., 1989. "Supply and Demand Functions for Multiproduct U.S. Cash Grain Farms: Biases Caused by Research and Other Policies," Staff General Research Papers 10985, Iowa State University, Department of Economics.
  17. Huffman, Wallace E. & Ball, E. & Gopinath, M. & Somwaru, A., 2002. "Public R&D and Infrastructure Policies: Effects on Cost of Midwestern Agriculture," Staff General Research Papers 10431, Iowa State University, Department of Economics.
  18. McCunn, A. & Huffman, Wallace, 2000. "Convergence in U.S. Productivity Growth for Agriculture: Implications of Interstate Research Spillovers for Funding Agricultural Research," Staff General Research Papers 5041, Iowa State University, Department of Economics.
  19. Alston, Julian M. & Craig, Barbara J. & Pardey, Philip G., 1998. "Dynamics in the creation and depreciation of knowledge, and the returns to research:," EPTD discussion papers 35, International Food Policy Research Institute (IFPRI).
  20. Wallace E. Huffman & Robert E. Evenson, 2006. "Do Formula or Competitive Grant Funds Have Greater Impacts on State Agricultural Productivity?," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 88(4), pages 783-798.
  21. Alston, Julian M. & Pardey, Philip G., 2001. "Attribution and other problems in assessing the returns to agricultural R&D," Agricultural Economics, Blackwell, vol. 25(2-3), pages 141-152, September.
  22. Jeffrey P. Cohen & Catherine Morrison Paul, 2007. "The Impacts Of Transportation Infrastructure On Property Values: A Higher-Order Spatial Econometrics Approach," Journal of Regional Science, Wiley Blackwell, vol. 47(3), pages 457-478.
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Cited by:
  1. Jin, Yu & Huffman, Wallace E., 2013. "Reduced U.S. Funding of Public Agricultural Research and Extension Risks Lowering Future Agricultural Productivity Growth Prospects," Staff General Research Papers 36796, Iowa State University, Department of Economics.

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