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Research and development project selection in the public sector

Author

Listed:
  • Nicholas S. Vonortas

    (Economics and International Affairs, George Washington University)

  • Henry R. Hertzfeld

    (Center for International Science and Technology Policy and the Space Policy Institute, George Washington University)

Abstract

This article argues for an innovative methodology to appraising (ex ante) longer-term strategic research and development (R&D) investments. This methodology reflects the inherent value of such R&D in terms of opening up opportunities (but not obligations) for investment in new technological areas with potentially substantial returns. Although corporate R&D managers and public administrators describe the merits of long-term research on these grounds, only recently has the qualitative argument been replaced by the foundations of a methodology capable of quantifying this inherent value of R&D. Such a methodology could also facilitate a transition toward the use of more appropriate discount rates other than the unvarying rates of traditional methodologies.

Suggested Citation

  • Nicholas S. Vonortas & Henry R. Hertzfeld, 1998. "Research and development project selection in the public sector," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 17(4), pages 621-638.
  • Handle: RePEc:wly:jpamgt:v:17:y:1998:i:4:p:621-638
    DOI: 10.1002/(SICI)1520-6688(199823)17:4<621::AID-PAM2>3.0.CO;2-I
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    References listed on IDEAS

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    1. Black, Fischer & Scholes, Myron S, 1973. "The Pricing of Options and Corporate Liabilities," Journal of Political Economy, University of Chicago Press, vol. 81(3), pages 637-654, May-June.
    2. Tom K. Lee, 1982. "On the Reswitching Property of R&D," Management Science, INFORMS, vol. 28(8), pages 887-899, August.
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    Cited by:

    1. Maryann Feldman & Irwin Feller & Janet Bercovitz & Richard Burton, 2002. "Equity and the Technology Transfer Strategies of American Research Universities," Management Science, INFORMS, vol. 48(1), pages 105-121, January.
    2. S├ębastien Casault & Aard J. Groen & Jonathan D. Linton, 2013. "Selection of a portfolio of R&D projects," Chapters, in: Albert N. Link & Nicholas S. Vonortas (ed.),Handbook on the Theory and Practice of Program Evaluation, chapter 4, pages 89-111, Edward Elgar Publishing.

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