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Public R&D investment and cost structure in Italian agriculture, 1960--1995

  • Roberto Esposti

This paper deals with the role of public research in Italian agriculture during the period 1960--1995. A short-run Generalised Leontief cost function capable of accommodating quasi-fixed factors and variable returns is used. Temporary equilibrium and scale economies are investigated with special emphasis on the methodological implications of R&D stock and the consistency of the estimated model with microeconomic theory. Comparing the relevant shadow and rental price provides evidence on under- (over)-investment and the rationale driving public research expenditure in agriculture. A formal test of the induced innovation hypothesis and the calculation of the internal rate of returns are also presented. Copyright 2003, Oxford University Press.

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Article provided by Foundation for the European Review of Agricultural Economics in its journal European Review of Agricultural Economics.

Volume (Year): 30 (2003)
Issue (Month): 4 (December)
Pages: 509-537

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Handle: RePEc:oup:erevae:v:30:y:2003:i:4:p:509-537
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  1. Ruttan, Vernon W, 1997. "Induced Innovation, Evolutionary Theory and Path Dependence:," Economic Journal, Royal Economic Society, vol. 107(444), pages 1520-29, September.
  2. Huffman, Wallace E. & Just, Richard E., 1999. "The organization of agricultural research in western developed countries," Agricultural Economics of Agricultural Economists, International Association of Agricultural Economists, vol. 21(1), August.
  3. Romer, Paul M, 1990. "Are Nonconvexities Important for Understanding Growth?," American Economic Review, American Economic Association, vol. 80(2), pages 97-103, May.
  4. Esposti, Roberto, 2002. "Public agricultural R&D design and technological spill-ins: A dynamic model," Research Policy, Elsevier, vol. 31(5), pages 693-717, July.
  5. Timo Kuosmanen, 2003. "Duality Theory of Non-convex Technologies," Journal of Productivity Analysis, Springer, vol. 20(3), pages 273-304, November.
  6. Mas-Colell, Andreu & Whinston, Michael D. & Green, Jerry R., 1995. "Microeconomic Theory," OUP Catalogue, Oxford University Press, number 9780195102680, March.
  7. Bonnisseau, Jean-Marc, 1991. "Existence of Lindahl equilibria in economies with nonconvex production sets," Journal of Economic Theory, Elsevier, vol. 54(2), pages 409-416, August.
  8. Morrison, Catherine J & Schwartz, Amy Ellen, 1996. "Public Infrastructure, Private Input Demand, and Economic Performance in New England Manufacturing," Journal of Business & Economic Statistics, American Statistical Association, vol. 14(1), pages 91-101, January.
  9. Catherine J. Morrison & Amy Ellen Schwartz, 1992. "State Infrastructure and Productive Performance," NBER Working Papers 3981, National Bureau of Economic Research, Inc.
  10. White, Halbert, 1980. "A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity," Econometrica, Econometric Society, vol. 48(4), pages 817-38, May.
  11. Pardey, Philip G. & Craig, Barbara J. & Hallaway, Michelle L., 1987. "U.S. Agricultural Research Deflators: 1890-1985," Staff Papers 13675, University of Minnesota, Department of Applied Economics.
  12. 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.
  13. Morrison, Catherine J, 1988. "Quasi-Fixed Inputs in U.S. and Japanese Manufacturing: A Generalized Leontief Restricted Cost Function Approach," The Review of Economics and Statistics, MIT Press, vol. 70(2), pages 275-87, May.
  14. Schimmelpfennig, David & Thirtle, Colin & Zyl, Johan van & Arnade, Carlos & Khatri, Yougesh, 2000. "Short and long-run returns to agricultural R&D in South Africa, or will the real rate of return please stand up?," Agricultural Economics of Agricultural Economists, International Association of Agricultural Economists, vol. 23(1), June.
  15. Kuroda, Yoshimi, 1997. "Research and extension expenditures and productivity in Japanese agriculture, 1960-1990," Agricultural Economics of Agricultural Economists, International Association of Agricultural Economists, vol. 16(2), May.
  16. Catherine J. Morrison & Donald Siegel, 1997. "External Capital Factors And Increasing Returns In U.S. Manufacturing," The Review of Economics and Statistics, MIT Press, vol. 79(4), pages 647-654, November.
  17. Gordon Rausser, 1999. "Private/Public Research: Knowledge Assets and Future Scenarios," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 81(5), pages 1011-1027.
  18. Bengston, David N., 1989. "A Price Index for Deflating State Agricultural Experiment Station Research Expenditures," Journal of Agricultural Economics Research, United States Department of Agriculture, Economic Research Service, issue 4.
  19. Esposti, Roberto & Pierani, Pierpaolo, 2000. "Modelling technical change in Italian agriculture: a latent variable approach," Agricultural Economics of Agricultural Economists, International Association of Agricultural Economists, vol. 22(3), April.
  20. Kuroda, Yoshimi, 1997. "Research and extension expenditures and productivity in Japanese agriculture, 1960-1990," Agricultural Economics, Blackwell, vol. 16(2), pages 111-124, May.
  21. Catherine J. Morrison & Donald Siegel, 1998. "Knowledge Capital and Cost Structure in the U.S. Food and Fiber Industries," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 80(1), pages 30-45.
  22. Mansfield, Edwin & Romeo, Anthony & Switzer, Lorne, 1983. "R&D price indexes and real R&D expenditures in the United States," Research Policy, Elsevier, vol. 12(2), pages 105-112, April.
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