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The Optimal Management of Research Portfolios

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Author Info

  • Bardsley, P.

Abstract

Risky research projects are, other things being equal, intrinsically harder to monitor than those which are less risky. It is shown, using agency theory that a standard cost benefit analysis which ignores the agency problem will introduce a bias towards excessively risky projects.

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Bibliographic Info

Paper provided by The University of Melbourne in its series Department of Economics - Working Papers Series with number 549.

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Length: 16 pages
Date of creation: 1997
Date of revision:
Handle: RePEc:mlb:wpaper:549

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Postal: Department of Economics, The University of Melbourne, 5th Floor, Economics and Commerce Building, Victoria, 3010, Australia
Phone: +61 3 8344 5289
Fax: +61 3 8344 6899
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Web page: http://www.economics.unimelb.edu.au
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Keywords: MANAGEMENT; RESEARCH AND DEVELOPMENT;

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References

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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  1. Anderson, Jock R. & Pardey, Philip G. & Roseboom, Johannes, 1994. "Sustaining growth in agriculture: a quantitative review of agricultural research investments," Agricultural Economics: The Journal of the International Association of Agricultural Economists, International Association of Agricultural Economists, vol. 10(2), April.
  2. Anderson, Jock R. & Pardey, Philip G. & Roseboom, Johannes, 1994. "Sustaining growth in agriculture: A quantitative review of agricultural research investments," Agricultural Economics, Blackwell, vol. 10(2), pages 107-123, April.
  3. Bardsley, P., 1997. "Multiple Action Agency: An Application to the Management of Scientific Research," Department of Economics - Working Papers Series 550, The University of Melbourne.
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Cited by:
  1. Omuru, Eric & Kingwell, Ross S., 2005. "Funding and Managing Agricultural Research in a Developing Country: a Papua New Guinea case study," 2005 Conference (49th), February 9-11, 2005, Coff's Harbour, Australia 137938, Australian Agricultural and Resource Economics Society.
  2. Stoneham, Gary & Strappazzon, Loris & Soligo, James & Fisher, Bill & Eigenraam, Mark & Wimalasuriya, Rukman, 2000. "Evaluation Of Research Activities," 2000 Conference (44th), January 23-25, 2000, Sydney, Australia 123645, Australian Agricultural and Resource Economics Society.
  3. X. Zhao & J.D. Mullen & G.R. Griffith & R.R. Piggott & W.E. Griffiths, 2002. "The Economic Incidence of R&D and Promotion Investments in the Australian Beef Industry," Monash Econometrics and Business Statistics Working Papers 16/02, Monash University, Department of Econometrics and Business Statistics.
  4. Kingwell, Ross S., 1999. "Institutional and social influences on R&D evaluation in agriculture," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 43(1), March.

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