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Economics of Prioritising Environmental Research: An Expected Value of Partial Perfect Information (EVPPI) Framework

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  • Jeffrey, Scott R.
  • Pannell, David J.
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    Abstract

    Significant public funds are spent on projects designed to improve environmental quality. Design and implementation of these initiatives is contingent on knowledge generated from environmental research. Funding agencies have many demands for research dollars while having limited research budgets. A prioritisation process is required for efficient and effective allocation of research funds. A review of research prioritisation literature suggests that ad hoc approaches are often used for ex ante analyses examining the value of environmental research (e.g., Delphi techniques, information gaps from literature reviews). This paper characterises environmental research prioritisation in the form of an economic decision problem, formulated using expected value of information concepts. An implicitly Bayesian modelling approach is developed with research priorities being made based on estimates of expected value of partial perfect information (EVPPI). Considerations and challenges associated with empirical implementation of EVPPI are discussed and a hypothetical example is provided to illustrate use of this approach in informing environmental research funding decisions.

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    Bibliographic Info

    Paper provided by University of Western Australia, School of Agricultural and Resource Economics in its series Working Papers with number 144944.

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    Date of creation: 22 Feb 2013
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    Handle: RePEc:ags:uwauwp:144944

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    Keywords: Environmental Research; Research Prioritisation; Value of Information; Expected Value of Partial Perfect Information; Environmental Economics and Policy; Q50; Q51; Q57;

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    1. Rachael L. Fleurence, 2007. "Setting priorities for research: a practical application of 'payback' and expected value of information," Health Economics, John Wiley & Sons, Ltd., vol. 16(12), pages 1345-1357.
    2. Wuyang Hu & Michele M. Veeman & Wiktor L. Adamowicz, 2005. "Labelling Genetically Modified Food: Heterogeneous Consumer Preferences and the Value of Information," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 53(1), pages 83-102, 03.
    3. Diagne, Aliou & Alia, Didier Y. & Wopereis, Marco C.S. & Saito, Kazuki, 2012. "Impact of Rice Research on Income and Poverty in Africa: An Ex-ante Analysis," 2012 Conference, August 18-24, 2012, Foz do Iguacu, Brazil 126874, International Association of Agricultural Economists.
    4. N. J. Welton & A. E. Ades & D. M. Caldwell & T. J. Peters, 2008. "Research prioritization based on expected value of partial perfect information: a case-study on interventions to increase uptake of breast cancer screening," Journal of the Royal Statistical Society Series A, Royal Statistical Society, vol. 171(4), pages 807-841.
    5. Mywish K. Maredia & David Anthony Raitzer, 2010. "Estimating overall returns to international agricultural research in Africa through benefit-cost analysis: a "best-evidence" approach," Agricultural Economics, International Association of Agricultural Economists, vol. 41(1), pages 81-100, 01.
    6. George J. Stigler, 1961. "The Economics of Information," Journal of Political Economy, University of Chicago Press, vol. 69, pages 213.
    7. Brethour, Cher & Weersink, Alfons, 2003. "Rolling the dice: on-farm benefits of research into reducing pesticide use," Agricultural Systems, Elsevier, vol. 76(2), pages 575-587, May.
    8. Pannell, David J. & Glenn, Nicole A., 2000. "A framework for the economic evaluation and selection of sustainability indicators in agriculture," Ecological Economics, Elsevier, vol. 33(1), pages 135-149, April.
    9. Pannell, David J., 1994. "The Value Of Information In Herbicide Decision Making For Weed Control In Australian Wheat Crops," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 19(02), December.
    10. Doug Coyle & Jeremy Oakley, 2008. "Estimating the expected value of partial perfect information: a review of methods," The European Journal of Health Economics, Springer, vol. 9(3), pages 251-259, August.
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