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The Value of Economic Research

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  • David Zilberman
  • Amir Heiman

Abstract

Economic research generates a wide array of benefits. These include information, technological change, and improved policy. There are few quantitative studies of the benefits of economic research, and some benefits may be misattributed to biological and physical research. To be productive, economic research must be transmitted and the user must be able to use it. Therefore, investment in extension outreach and economic literacy are important to improve its impact. Even casual observation suggests that economic research is valuable, but noneconomists must be convinced of this. Since benefits are likely to be concentrated in a small number of successful projects, a useful approach to the assessment of the benefits of research is to identify these projects and their results. The analysis must recognize that the accuracy of any estimates of benefits is uncertain. In addition, the argument behind the estimates should be transparent, relying on documentation and testimony from users, policymakers, and noneconomists. Assessments of the benefits of economic research provide information that can be used both to justify support for economic research and to allocate monies among lines of research.
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Suggested Citation

  • David Zilberman & Amir Heiman, 1997. "The Value of Economic Research," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 79(5), pages 1539-1544.
    • Handle: RePEc:oup:ajagec:v:79:y:1997:i:5:p:1539-1544
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    File URL: http://hdl.handle.net/10.2307/1244378
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    1. repec:fpr:impact:32 is not listed on IDEAS
    2. repec:fpr:impact:35 is not listed on IDEAS
    3. Kuyvenhoven, Arie, 2014. "Impact assessment of IFPRI’s capacity-strengthening work, 1985–2010," Impact assessments 38, International Food Policy Research Institute (IFPRI).
    4. David Zilberman & Amir Heiman, 1997. "The Value of Economic Research," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 79(5), pages 1539-1544.
    5. repec:fpr:impact:34 is not listed on IDEAS
    6. Behrman, Jere R. & Calderon, Maria Cecilia, 2009. "Case study on the International Food Policy Research Institute (IFPRI) and conditional cash transfer (CCT) and non-conditional cash transfer (NCCT) programs," Impact assessments 30, International Food Policy Research Institute (IFPRI).
    7. Paarlberg, Robert L., 2014. "Impact assessment: IFPRI 2020 conference on building resilience on food and nutrition security," Impact assessments 37, International Food Policy Research Institute (IFPRI).
    8. Maria de Fátima Oliveira & Francisco Gomes da Silva & Susana Ferreira & Margarida Teixeira & Henrique Damásio & António Dinis Ferreira & José Manuel Gonçalves, 2019. "Innovations in Sustainable Agriculture: Case Study of Lis Valley Irrigation District, Portugal," Sustainability, MDPI, vol. 11(2), pages 1-19, January.
    9. Kutschukian, Jean-Marc, 2008. "A Framework For The Economic Evaluation Of Environmental Science," 2008 Conference (52nd), February 5-8, 2008, Canberra, Australia 6026, Australian Agricultural and Resource Economics Society.
    10. repec:fpr:impact:30 is not listed on IDEAS
    11. Peter Midmore, 2017. "The Science of Impact and the Impact of Agricultural Science," Journal of Agricultural Economics, Wiley Blackwell, vol. 68(3), pages 611-631, September.
    12. Paarlberg, Robert L., 2005. "Regional policy networks: IFPRI's experience with decentralization," Impact assessments 24, International Food Policy Research Institute (IFPRI).
    13. Bennet, Jeffrey W., 2013. "An ex-post impact assessment of IFPRI's GRP22 program, water resource allocation: Productivity and environmental impacts," Impact assessments 35, International Food Policy Research Institute (IFPRI).
    14. Midmore, Peter, "undated". "The Science of Impact and the Impact of Agricultural Science," 91st Annual Conference, April 24-26, 2017, Royal Dublin Society, Dublin, Ireland 258614, Agricultural Economics Society.
    15. Paarlberg, Robert L., 2012. "Impact Assessment: IFPRI 2020 conference "Leveraging Agriculture for Improving Nutrition and Health"," Impact assessments 34, International Food Policy Research Institute (IFPRI).
    16. Norton, George W., 2011. "Impact assessment of the IFPRI agricultural science and technology indicators (ASTI) project," Impact assessments 32, International Food Policy Research Institute (IFPRI).

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