Public R&D Investment and Cost Structure in Italian Agriculture 1960-1995
AbstractThis article deals with the role of public research in Italian agriculture during the period 1960 to 1995. A short-term specification of the GL cost function capable of accommodating quasi-fixed factors and variable returns is employed. Temporary equilibrium and scale economies are investigated with special emphasis on methodological implications of R&D stock and;consistency of the estimated model with microeconomic theory. Confronting the relevant shadow and rental price the model provides evidence on the topics of under (over) investment and the rationale driving public research expenditure in agriculture A formal test for the induced innovation hypothesis, the calculation of the internal rate of returns and TFP growth decomposition are also considered.
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Bibliographic InfoPaper provided by Universita' Politecnica delle Marche (I), Dipartimento di Scienze Economiche e Sociali in its series Working Papers with number 176.
Date of creation: Nov 2002
Date of revision:
R&D price; optimal investment; public R&D; short-run cost function;
Other versions of this item:
- Roberto Esposti, 2003. "Public R&D investment and cost structure in Italian agriculture, 1960--1995," European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, vol. 30(4), pages 509-537, December.
- O30 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - General
- Q16 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - R&D; Agricultural Technology; Biofuels; Agricultural Extension Services
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