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Building the Knowledge Stock: Lags, Depreciation and Uncertainty in Agricultural R&D

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  • Roberto ESPOSTI

    ()
    (Universita' Politecnica delle Marche, Dipartimento di Economia)

  • Pierpaolo PIERANI

    ([n.a.])

Abstract

The search for an appropriate methodology to analyse the relation between R&D investments and the knowledge stock is the main purpose of the paper. The high estimates of internal rates of return on agricultural R&D reported in the literature suggest that there are major empirical problems with the traditional attribution of productivity growth to R&D investments. We model a stochastic gestation lag of research investment and a geometric depreciation of the knowledge stock. This model of knowledge accumulation from R&D investments outlines the basic parameters underlying the investment lag structure. According to the different types of research project, the approach is applied to public R&D expenditure in Italian agriculture in order to ascertain the empirical consequences and potential of the model.

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File URL: http://docs.dises.univpm.it/web/quaderni/pdf/145.pdf
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Bibliographic Info

Paper provided by Universita' Politecnica delle Marche (I), Dipartimento di Scienze Economiche e Sociali in its series Working Papers with number 145.

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Length: 38
Date of creation: Jan 2001
Date of revision:
Handle: RePEc:anc:wpaper:145

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Keywords: knowledge stock; lag structure; research and development;

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References

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  1. Huffman, Wallace E. & Just, Richard E., 1999. "The organization of agricultural research in western developed countries," Agricultural Economics: The Journal of the International Association of Agricultural Economists, International Association of Agricultural Economists, vol. 21(1), August.
  2. Makki, Shiva S. & Thraen, Cameron S. & Tweeten, Luther G., 1999. "Returns to American Agricultural Research: Results from a Cointegration Model," Journal of Policy Modeling, Elsevier, vol. 21(2), pages 185-211, March.
  3. Alston, Julian M. & Pardey, Philip G. & Roseboom, Johannes, 1998. "Financing agricultural research: International investment patterns and policy perspectives," World Development, Elsevier, vol. 26(6), pages 1057-1071, June.
  4. Ariel Pakes & Mark Schankerman, 1984. "The Rate of Obsolescence of Patents, Research Gestation Lags, and the Private Rate of Return to Research Resources," NBER Chapters, in: R & D, Patents, and Productivity, pages 73-88 National Bureau of Economic Research, Inc.
  5. Huffman, Wallace & Just, Richard E., 1999. "The Organization of Agricultural Research in Western Developed Countries," Staff General Research Papers 1649, Iowa State University, Department of Economics.
  6. Jeffrey I. Bernstein & M. Ishaq Nadiri, 1986. "Research and Development and Intraindustry Spillovers: An Empirical Application of Dynamic Duality," NBER Working Papers 2002, National Bureau of Economic Research, Inc.
  7. Ball, V Eldon, et al, 1993. "The Stock of Capital in European Community Agriculture," European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, vol. 20(4), pages 437-50.
  8. Esposti, Roberto & Pierani, Pierpaolo, 2000. "Modelling technical change in Italian agriculture: a latent variable approach," Agricultural Economics: The Journal of the International Association of Agricultural Economists, International Association of Agricultural Economists, vol. 22(3), April.
  9. D. Hallam, 1990. "Agricultural Research Expenditures And Agricultural Productivity Change," Journal of Agricultural Economics, Wiley Blackwell, vol. 41(3), pages 434-439.
  10. Plosser, Charles I. & Schwert*, G. William, 1978. "Money, income, and sunspots: Measuring economic relationships and the effects of differencing," Journal of Monetary Economics, Elsevier, vol. 4(4), pages 637-660, November.
  11. 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.
  12. Hulten, Charles R & Wykoff, Frank C, 1996. "Issues in the Measurement of Economic Depreciation: Introductory Remarks," Economic Inquiry, Western Economic Association International, vol. 34(1), pages 10-23, January.
  13. de Bresson, Chris, 1991. "Technological Innovation and Long Wave Theory: Two Pieces of the Puzzle," Journal of Evolutionary Economics, Springer, vol. 1(4), pages 241-72, November.
  14. Roberto ESPOSTI, 1998. "Stochastic Technical Change and Procyclical TFP The Italian Agriculture Case," Working Papers 108, Universita' Politecnica delle Marche (I), Dipartimento di Scienze Economiche e Sociali.
  15. Catherine J. Morrison & Donald Siegel, 1998. "Knowledge Capital and Cost Structure in the U.S. Food and Fiber Industries," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 80(1), pages 30-45.
  16. 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.
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Citations

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Cited by:
  1. Esposti, Roberto, 2008. "Why Should Regional Agricultural Productivity Growth Converge? Evidence from Italian Regions," 2008 International Congress, August 26-29, 2008, Ghent, Belgium 43955, European Association of Agricultural Economists.
  2. Mika Maliranta, 2005. "R&D, International Trade and Creative Destruction—Empirical Findings from Finnish Manufacturing Industries," Journal of Industry, Competition and Trade, Springer, vol. 5(1), pages 27-58, January.
  3. Esposti, Roberto & Pierani, Pierpaolo, 2003. "Public R&D Investment From Private And Social Perspective. An Application To Italian Agriculture, 1960-1995," 2003 Annual Meeting, August 16-22, 2003, Durban, South Africa 25876, International Association of Agricultural Economists.
  4. Roberto ESPOSTI & Pierpaolo PIERANI, 2006. "Price-Induced Technical Progress in Italian Agriculture," Working Papers 275, Universita' Politecnica delle Marche (I), Dipartimento di Scienze Economiche e Sociali.
  5. Jurgen Bitzer & Andreas Stephan, 2007. "A Schumpeter-inspired approach to the construction of R&D capital stocks," Applied Economics, Taylor & Francis Journals, vol. 39(2), pages 179-189.
  6. Esposti, Roberto & Pierani, Pierpaolo, 2005. "Price-Induced Technological Change in Italian Agriculture: An SGM Restricted Cost Function Approach (1951-91)," 2005 International Congress, August 23-27, 2005, Copenhagen, Denmark 24662, European Association of Agricultural Economists.
  7. Roberto ESPOSTI, 2007. "On the Decline of Agriculture. Evidence from Italian Regions in the Post-WWII Period," Working Papers 300, Universita' Politecnica delle Marche (I), Dipartimento di Scienze Economiche e Sociali.

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