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Assessing the benefits of research expenditures on maize production in South Africa

  • Townsend, Rob F.
  • van Zyl, Johan
  • Thirtle, Colin G.
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    This paper focuses on assessing the benefits of research expenditures on maize production in South Africa. Both the production and supply function approaches are used to calculate elasticities of research expenditure on output and yield. Cointegration is used to establish long-run relationships between variables in these models. The lag structure of R&D expenditures on output is examined making use of the unrestricted, polynomial, beta and gamma distributions. The coefficients of these lag distributions were then used to calculate a rate of return to maize research expenditure, which was estimated as being between 28% and 39% per annum. These rates of return are high, mitigating in favour of more research expenditure rather than less.

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    File URL: http://purl.umn.edu/54718
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    Article provided by Agricultural Economics Association of South Africa (AEASA) in its journal Agrekon.

    Volume (Year): 36 (1997)
    Issue (Month): 4 (December)
    Pages:

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    Handle: RePEc:ags:agreko:54718
    Contact details of provider: Web page: http://www.aeasa.org.za/
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    1. Alston, Julian M. & Pardey, Philip G. & Taylor, Michael J., 2001. "Agricultural science policy," Food policy statements 32, International Food Policy Research Institute (IFPRI).
    2. Jan Kmenta & James B. Ramsey, 1980. "Evaluation of Econometric Models," NBER Books, National Bureau of Economic Research, Inc, number kmen80-1, 07.
    3. Donald W.K. Andrews & Ray C. Fair, 1989. "Estimation of Polynomial Distributed Lags and Leads with End Point Constraints," NBER Technical Working Papers 0079, National Bureau of Economic Research, Inc.
    4. Michio Hatanaka & T. Dudley Wallace, 1980. "Multicollinearity and the Estimation of Low-Order Moments in Stable Lag Distributions," NBER Chapters, in: Evaluation of Econometric Models, pages 323-337 National Bureau of Economic Research, Inc.
    5. Chembezi, Duncan M, 1991. "Acreage Response to Price and Risk: The Case of Tobacco in Malawi," European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, vol. 18(1), pages 85-102.
    6. Zvi Griliches, 1958. "Research Costs and Social Returns: Hybrid Corn and Related Innovations," Journal of Political Economy, University of Chicago Press, vol. 66, pages 419.
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