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Allocation of public funds to R&D: a portfolio choice-styled decision model and a biotechnology case study

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  • Dmitriy Volinskiy

    ()

  • Michele Veeman

    ()

  • Wiktor Adamowicz

    ()

Abstract

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Suggested Citation

  • Dmitriy Volinskiy & Michele Veeman & Wiktor Adamowicz, 2011. "Allocation of public funds to R&D: a portfolio choice-styled decision model and a biotechnology case study," Decisions in Economics and Finance, Springer;Associazione per la Matematica, vol. 34(2), pages 121-139, November.
  • Handle: RePEc:spr:decfin:v:34:y:2011:i:2:p:121-139
    DOI: 10.1007/s10203-011-0110-6
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    References listed on IDEAS

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    1. Stephen K. Swallow & Michael P. McGonagle, 2006. "Public Funding of Environmental Amenities: Contingent Choices Using New Taxes or Existing Revenues for Coastal Land Conservation," Land Economics, University of Wisconsin Press, vol. 82(1), pages 56-67.
    2. Stephen K. Swallow & Marisa J. Mazzotta, 2004. "Assessing Public Priorities for Experiment Station Research: Contingent Value and Public Preferences for Agricultural Research," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 86(4), pages 975-989.
    3. Browning, Edgar K, 1987. "On the Marginal Welfare Cost of Taxation," American Economic Review, American Economic Association, vol. 77(1), pages 11-23, March.
    4. Dutta, Bhaskar & Peters, Hans & Sen, Arunava, 2002. "Strategy-Proof Probabilistic Mechanisms in Economies with Pure Public Goods," Journal of Economic Theory, Elsevier, vol. 106(2), pages 392-416, October.
    5. Gibbard, Allan, 1977. "Manipulation of Schemes That Mix Voting with Chance," Econometrica, Econometric Society, vol. 45(3), pages 665-681, April.
    6. Alston, Julian M. & Marra, Michele C. & Pardey, Philip G. & Wyatt, T.J., 2000. "Research returns redux: a meta-analysis of the returns to agricultural R&D," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 44(2), June.
    7. Read, Daniel & Antonides, Gerrit & van den Ouden, Laura & Trienekens, Harry, 2001. "Which Is Better: Simultaneous or Sequential Choice?," Organizational Behavior and Human Decision Processes, Elsevier, vol. 84(1), pages 54-70, January.
    8. Ghirardato, Paolo & Maccheroni, Fabio & Marinacci, Massimo, 2004. "Differentiating ambiguity and ambiguity attitude," Journal of Economic Theory, Elsevier, vol. 118(2), pages 133-173, October.
    9. Gilboa, Itzhak & Schmeidler, David, 1989. "Maxmin expected utility with non-unique prior," Journal of Mathematical Economics, Elsevier, vol. 18(2), pages 141-153, April.
    10. Larry G. Epstein, 1999. "A Definition of Uncertainty Aversion," Review of Economic Studies, Oxford University Press, vol. 66(3), pages 579-608.
    11. Hoehn, John P. & Randall, Alan, 1987. "A satisfactory benefit cost indicator from contingent valuation," Journal of Environmental Economics and Management, Elsevier, vol. 14(3), pages 226-247, September.
    12. Peter Klibanoff & Massimo Marinacci & Sujoy Mukerji, 2005. "A Smooth Model of Decision Making under Ambiguity," Econometrica, Econometric Society, vol. 73(6), pages 1849-1892, November.
    13. Snow, Arthur & Warren, Ronald Jr., 1996. "The marginal welfare cost of public funds: Theory and estimates," Journal of Public Economics, Elsevier, vol. 61(2), pages 289-305, August.
    14. Wuyang Hu, 2004. "Trading off health, environmental and genetic modification attributes in food," European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, vol. 31(3), pages 389-408, September.
    15. Alan P. Kirman, 1992. "Whom or What Does the Representative Individual Represent?," Journal of Economic Perspectives, American Economic Association, vol. 6(2), pages 117-136, Spring.
    16. Robert Bordley & Marco LiCalzi, 2000. "Decision analysis using targets instead of utility functions," Decisions in Economics and Finance, Springer;Associazione per la Matematica, vol. 23(1), pages 53-74.
    17. Schmeidler, David, 1989. "Subjective Probability and Expected Utility without Additivity," Econometrica, Econometric Society, vol. 57(3), pages 571-587, May.
    18. Braunschweig, Thomas & Janssen, Willem & Rieder, Peter, 2001. "Identifying criteria for public agricultural research decisions," Research Policy, Elsevier, vol. 30(5), pages 725-734, May.
    19. Frode Alfnes, 2004. "Stated preferences for imported and hormone-treated beef: application of a mixed logit model," European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, vol. 31(1), pages 19-37, March.
    20. David Morton & Elmira Popova & Ivilina Popova & Ming Zhong, 2003. "Optimizing Benchmark-Based Utility Functions," Bulletin of the Czech Econometric Society, The Czech Econometric Society, vol. 10(18).
    21. Dahlby, Bev, 1998. "Progressive taxation and the social marginal cost of public funds," Journal of Public Economics, Elsevier, vol. 67(1), pages 105-122, January.
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    More about this item

    Keywords

    Collective decision-making; Portfolio choice; Budget allocation; Bayesian analysis; D79; C35; Q51;

    JEL classification:

    • D79 - Microeconomics - - Analysis of Collective Decision-Making - - - Other
    • C35 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Discrete Regression and Qualitative Choice Models; Discrete Regressors; Proportions
    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects

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