Market price response of world rice research
Using the total number of research publications as a proxy, the output of rice research in the world is estimated to be highly responsive in the short run to price fluctuations in the international rice market. The results suggest a danger of the inducement mechanism of public investment in the agricultural production infrastructure being misguided by cyclical price changes, thereby leading to recurrent food shortages and oversupplies in a cobweb-like manner.
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- Hayami, Yujiro & Kikuchi, Masao, 1978. "Investment Inducements to Public Infrastructure: Irrigation in the Philippines," The Review of Economics and Statistics, MIT Press, vol. 60(1), pages 70-77, February.
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