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The Evaluation of Industrial Research and Development Projects

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  • Mansfield, Edwin

Abstract

Economists, engineers, and others to formulate and study methods to evaluate industrial research and development R&D projects. In this paper, my purposes are (1) to describe the results of recent studies to measure (ex post) the social benefits from industrial innovations, (2) to indicate the sorts of ex-ante evaluation techniques described in the literature and the extent to which they are used by American firms, (3) to provide measures of the biases and errors contained in ex-ante estimates of development cost, development time, and the profitability of new processes and products, and (4) to indicate the effects on probabilities of success of how quickly ex-ante economic evaluations are made.

Suggested Citation

  • Mansfield, Edwin, 1981. "The Evaluation of Industrial Research and Development Projects," Evaluation of Agricultural Research, Proceedings of a Workshop, Minneapolis, MN, May 12-13, 1980, Miscellaneous Publication 8 49069, University of Minnesota, Agricultural Experiment Station.
    • Handle: RePEc:ags:umae08:49069
    DOI: 10.22004/ag.econ.49069
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    References listed on IDEAS

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    1. Minasian, Jora R, 1969. "Research and Development, Production Functions, and Rates of Return," American Economic Review, American Economic Association, vol. 59(2), pages 80-85, May.
    2. Beardsley, George & Mansfield, Edwin, 1978. "A Note on the Accuracy of Industrial Forecasts of the Profitability of New Products and Processes," The Journal of Business, University of Chicago Press, vol. 51(1), pages 127-135, January.
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