An Economic Evaluation Of Cotton And Peanut Research In Southeastern United States
The purpose of this study was to utilize the economic surplus framework for evaluating the impact of investment in agricultural research. The economic impact measures used in this study were the total benefits and distribution of those benefits associated with investment in agricultural research. These results were used to calculate an internal rate of return on the investments. The focus of the research was on cotton and peanuts in the Southeast region of the United States. Two equations were estimated to determine the impacts of the money being spent on the research efforts of these two commodities. The results revealed positive benefits to consumers and producers exceeded the investment amount in each year for both commodities in the period. The total social benefits averaged about 201 million (1982) dollars annually for cotton research. Peanut research averaged about 191 million (1982) dollars resulting form research investment. The internal rates of return were 23.87 percent for cotton and 53.58 percent for peanuts, suggesting that past research investments produced a high return to society. This result does not conflict the results of other similar studies as those mentioned in the literature review.
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- A. K. Enamul Haque & Glenn Fox & George L. Brinkman, 1989. "Product Market Distortions and the Returns to Federal Laying-Hen Research in Canada," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 37(1), pages 29-46, March.
- Zvi Griliches, 1958. "Research Costs and Social Returns: Hybrid Corn and Related Innovations," Journal of Political Economy, University of Chicago Press, vol. 66, pages 419-419.
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- Duncan, R & Tisdell, Clem, 1971. "Research and Technical Progress: The Returns to Producers," The Economic Record, The Economic Society of Australia, vol. 47(117), pages 124-129, March.
- Shui, Shangnan & Beghin, John C. & Wohlgenant, M., 1993. "Impact of Technical Change, Scale Effects and Forward Ordering on U.S. Fiber Demands, The," Staff General Research Papers Archive 1567, Iowa State University, Department of Economics.
- Peterson, Willis L. & Hayami, Yujiro, 1973. "Technical Change In Agriculture," Staff Papers 13820, University of Minnesota, Department of Applied Economics.
- Harry W. Ayer & G. Edward Schuh, 1974. "Social Rates of Return and Other Aspects of Agricultural Research: The Case of Cotton Research in São Paulo, Brazil: Reply," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 56(1), pages 175-176.
- Adams, James D, 1990. "Fundamental Stocks of Knowledge and Productivity Growth," Journal of Political Economy, University of Chicago Press, vol. 98(4), pages 673-702, August.
- Harry W. Ayer & G. Edward Schuh, 1974. "Social Rates of Return and Other Aspects of Agricultural Research: The Case of Cotton Research in São Paulo, Brazil: Reppy," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 56(1), pages 178-179.
- Colman, David R., 1983. "A Review of the Arts of Supply Response Analysis," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 51(03), December.
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