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Prospecting for Economic Returns to Research: Adding Informational Value at the Market Fringe

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  • Stephan Weiler
  • Dana Hoag
  • Chuen‐mei Fan

Abstract

. Private markets constantly assess project investment opportunities across a spectrum of such possibilities. The market's perspective on the boundary of viable projects, however, may be more limited than socially optimal due to informational constraints. In the case of economic development projects in particular, this boundary could be extended by public researchers. This paper constructs a method to estimate the private and social value‐added of such research, providing a new means to understand and assess the public/private sector interface. The framework uses agents’ evolving subjective perceptions through Bayesian updating to value research information, along with methods to estimate functional forms and relative optima. Two case studies of regional development research on value‐added agriculture in Colorado highlight the utility of the approach.

Suggested Citation

  • Stephan Weiler & Dana Hoag & Chuen‐mei Fan, 2006. "Prospecting for Economic Returns to Research: Adding Informational Value at the Market Fringe," Journal of Regional Science, Wiley Blackwell, vol. 46(2), pages 289-311, May.
    • Handle: RePEc:bla:jregsc:v:46:y:2006:i:2:p:289-311
    DOI: 10.1111/j.0022-4146.2006.00442.x
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    References listed on IDEAS

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    1. Timothy J. Bartik, 1991. "Who Benefits from State and Local Economic Development Policies?," Books from Upjohn Press, W.E. Upjohn Institute for Employment Research, number wbsle.
    2. Huffman, Wallace E. & Evenson, Robert E., 1993. "Science for Agriculture: A Long Term Perspective," Staff General Research Papers Archive 10997, Iowa State University, Department of Economics.
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    Cited by:

    1. Tessa Conroy & Stephan Weiler, 2019. "Local and social: entrepreneurs, information network effects, and economic growth," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 62(3), pages 681-713, June.
    2. Petach, Luke & Weiler, Stephan & Conroy, Tessa, 2021. "It’s a wonderful loan: local financial composition, community banks, and economic resilience," Journal of Banking & Finance, Elsevier, vol. 126(C).
    3. Weiler, Stephan, 2007. "Building Community Visions of Assets, Competitiveness, & Partnerships: A State’s Role in Rural Economic Development," Journal of Regional Analysis and Policy, Mid-Continent Regional Science Association, vol. 37(01), pages 1-4.
    4. devin michelle bunten & Stephan Weiler & Eric Thompson & Sammy Zahran, 2015. "Entrepreneurship, Information, And Growth," Journal of Regional Science, Wiley Blackwell, vol. 55(4), pages 560-584, September.
    5. Stephan Weiler & Sarah A. Low, 2013. "Measurement and Storytelling in Regional Science," International Regional Science Review, , vol. 36(1), pages 69-80, January.
    6. Michael Trouw & Stephan Weiler & Jesse Silverstein, 2020. "Brownfield Development: Uncertainty, Asymmetric Information, and Risk Premia," Sustainability, MDPI, vol. 12(5), pages 1-18, March.
    7. Kristopher Deming & Stephan Weiler, 2023. "Banking Deserts and the Paycheck Protection Program," Economic Development Quarterly, , vol. 37(3), pages 259-276, August.

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