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Evaluating Returns To Research In Pasture Improvement

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  • Duncan, Ronald C.

Abstract

The objectives of the study reported here were (a) to attempt to identify pasture research findings which have been important for the development of improved pastures in a number of agricultural regions, and (b) to estimate the internal rates of return on the investment in pasture research in these regions. The technique used was the estimation of input-demand functions for the stock of improved pastures. It is shown that the important research results were mainly the result of research in plant nutrition. Adoption lags were estimated, and these were short by comparison with those usually derived by other methods. Internal rates of return calculated for successful research findings were very high, hut there were important differences between regions.

Suggested Citation

  • Duncan, Ronald C., 1972. "Evaluating Returns To Research In Pasture Improvement," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 16(3), pages 1-16, December.
    • Handle: RePEc:ags:ajaeau:23023
    DOI: 10.22004/ag.econ.23023
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    References listed on IDEAS

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    1. Zvi Griliches, 1958. "Research Costs and Social Returns: Hybrid Corn and Related Innovations," Journal of Political Economy, University of Chicago Press, vol. 66(5), pages 419-419.
    2. Robert Evenson, 1967. "The Contribution of Agricultural Research to Production," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 49(5), pages 1415-1425.
    3. Wallis, Kenneth F, 1969. "Some Recent Developments in Applied Econometrics: Dynamic Models and Simultaneous Equation Systems," Journal of Economic Literature, American Economic Association, vol. 7(3), pages 771-796, September.
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    Cited by:

    1. Freebairn, John W., 1973. "Some Estimates of Supply and Inventory Response Functions for the Cattle and Sheep Sector of New South Wales," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 41(02-3), pages 1-38, June.
    2. Michael Harris & Alan Lloyd, 1991. "The Returns to Agricultural Research and the Underinvestment Hypothesis ‐ A Survey," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 24(3), pages 16-27, July.
    3. Vere, D. T., 1998. "Investigating improved pasture productivity change on the New South Wales tablelands," Agricultural Economics, Blackwell, vol. 18(1), pages 63-74, January.
    4. Alston, Julian M. & Chalfant, James A. & Pardey, Philip G., 1993. "Structural Adjustment In Oecd Agriculture: Government Policies And Technical Change," Working Papers 14473, University of Minnesota, Center for International Food and Agricultural Policy.
    5. Pedro Andres Garzon Delvaux & Heinrich Hockmann & Peter Voigt & Pavel Ciaian & Sergio Gomez y Paloma, 2018. "The impact of private R&D on the performance of food-processing firms: Evidence from Europe, Japan and North America," JRC Research Reports JRC104144, Joint Research Centre.
    6. Azam, Qazi Tauqir & Bloom, Erik A. & Evenson, Robert E., 1991. "Agricultural Research Productivity in Pakistan," Center Discussion Papers 321325, Yale University, Economic Growth Center.
    7. Anderson, Kym, 2023. "Why did agriculture's share of Australian gross domestic product not decline for a century?," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 68(01), September.
    8. Ryan, James G., 1975. "Using Input Demand And Production Function Models To Assess The Net Benefits Of Dairy Herd Improvement," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 19(1), pages 1-16, April.
    9. Radhakrishnan, Manju & Islam, Nazrul & Ward, Glynn, 2009. "Measuring the benefits from R&D investment beyond the farm gate: the case of the WA wine industry," 2009 Conference (53rd), February 11-13, 2009, Cairns, Australia 48169, Australian Agricultural and Resource Economics Society.
    10. Vere, David T. & Muir, A.M., 1986. "Pasture Improvement Adoption In South-Eastern New South Wales," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 54(01), pages 1-24, April.
    11. Kym Anderson, 2022. "Structural transformation in growing open economies: Australia’s experience," Departmental Working Papers 2022-13, The Australian National University, Arndt-Corden Department of Economics.
    12. Kym Anderson, 2023. "Why did agriculture’s share of Australian GDP not decline for a century?," Departmental Working Papers 2023-09, The Australian National University, Arndt-Corden Department of Economics.

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