Recalibrating the Reported Returns to Agricultural R&D: What if We All Heeded Griliches?
Author
Abstract
(This abstract was borrowed from another version of this item.)
Suggested Citation
DOI: 10.22004/ag.econ.259125
Download full text from publisher
Other versions of this item:
- Xudong Rao & Terrance M. Hurley & Philip G. Pardey, 2020. "Recalibrating the reported returns to agricultural R&D: what if we all heeded Griliches?," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 64(3), pages 977-1001, July.
- Rao, Xudong & Hurley, Terrance M. & Pardey, Philip G., 2020. "Recalibrating the reported returns to agricultural R&D: what if we all heeded Griliches?," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 64(3), July.
- Rao, Xudong & Hurley, Terrance M. & Pardey, Philip G., 2019. "Recalibrating the Reported Returns to Agricultural R&D: What if We All Heeded Griliches?," Staff Papers 298430, University of Minnesota, Department of Applied Economics.
References listed on IDEAS
- Hall, Bronwyn H. & Mairesse, Jacques & Mohnen, Pierre, 2010.
"Measuring the Returns to R&D,"
Handbook of the Economics of Innovation, in: Bronwyn H. Hall & Nathan Rosenberg (ed.), Handbook of the Economics of Innovation, edition 1, volume 2, chapter 0, pages 1033-1082,
Elsevier.
- Bronwyn H. Hall & Jacques Mairesse & Pierre Mohnen, 2009. "Measuring the Returns to R&D," NBER Working Papers 15622, National Bureau of Economic Research, Inc.
- Bronwyn H. Hall & Jacques Mairesse & Pierre Mohnen, 2010. "Measuring the Returns to R&D," CIRANO Working Papers 2010s-02, CIRANO.
- Hall, Bronwyn H. & Mairesse, Jacques & Mohnen, Pierre, 2010. "Measuring the Returns to R&D," MERIT Working Papers 2010-006, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
- Julian M. Alston & Matthew A. Andersen & Jennifer S. James & Philip G. Pardey, 2011.
"The Economic Returns to U.S. Public Agricultural Research,"
American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 93(5), pages 1257-1277.
- Alston, Julian M. & Andersen, Matthew A. & James, Jennifer S. & Pardey, Philip G., 2011. "The Economic Returns to U.S. Public Agricultural Research," Staff Papers 95522, University of Minnesota, Department of Applied Economics.
- James F. Oehmke, 2017. "Re‐Examining the Reported Rates of Return to Food and Agricultural Research and Development: Comment," American Journal of Agricultural Economics, John Wiley & Sons, vol. 99(3), pages 818-826, April.
- Terrance M. Hurley & Xudong Rao & Philip G. Pardey, 2017. "Re-Examining the Reported Rates of Return to Food and Agricultural Research and Development: Reply," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 99(3), pages 827-836.
- Rao, Xudong & Hurley, Terrance M. & Pardey, Philip G., 2019.
"Are agricultural R&D returns declining and development dependent?,"
World Development, Elsevier, vol. 122(C), pages 27-37.
- Rao, Xudong & Hurley, Terrance M. & Pardey, Philip G., 2016. "Are Agricultural R&D Returns Declining and Development Dependent?," 2016 Annual Meeting, July 31-August 2, Boston, Massachusetts 235962, Agricultural and Applied Economics Association.
- Alston, Julian M. & Wyatt, T. J. & Pardey, Philip G. & Marra, Michele C. & Chan-Kang, Connie, 2000. "A meta-analysis of rates of return to agricultural R & D: ex pede Herculem?," Research reports 113, International Food Policy Research Institute (IFPRI).
- Alston, Julian M. & Pardey, Philip G. & Rao, Xudong, 2020. "The Payoff to Investing in CGIAR Research," Miscellaneous Publications 337029, University of Minnesota, Department of Applied Economics.
- Zvi Griliches, 1958. "Research Costs and Social Returns: Hybrid Corn and Related Innovations," Journal of Political Economy, University of Chicago Press, vol. 66(5), pages 419-419.
- Heckman, James J. & Lochner, Lance J. & Todd, Petra E., 2006.
"Earnings Functions, Rates of Return and Treatment Effects: The Mincer Equation and Beyond,"
Handbook of the Economics of Education, in: Erik Hanushek & F. Welch (ed.), Handbook of the Economics of Education, edition 1, volume 1, chapter 7, pages 307-458,
Elsevier.
- Heckman, James J. & Lochner, Lance John & Todd, Petra E., 2005. "Earnings Functions, Rates of Return and Treatment Effects: The Mincer Equation and Beyond," IZA Discussion Papers 1700, Institute of Labor Economics (IZA).
- James J. Heckman & Lance J. Lochner & Petra E. Todd, 2005. "Earnings Functions, Rates of Return and Treatment Effects: The Mincer Equation and Beyond," NBER Working Papers 11544, National Bureau of Economic Research, Inc.
- Lindon J. Robison & Peter J. Barry & Robert J. Myers, 2015. "Consistent IRR and NPV rankings," Agricultural Finance Review, Emerald Group Publishing Limited, vol. 75(4), pages 499-513, November.
- Giang Truong & Graham Partington & Maurice Peat, 2008. "Cost-of-Capital Estimation and Capital-Budgeting Practice in Australia," Australian Journal of Management, Australian School of Business, vol. 33(1), pages 95-121, June.
- James F. Oehmke, 2017. "Re-Examining the Reported Rates of Return to Food and Agricultural Research and Development: Comment," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 99(3), pages 818-826.
- Terrance M. Hurley & Xudong Rao & Philip G. Pardey, 2014. "Re-examining the Reported Rates of Return to Food and Agricultural Research and Development," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 96(5), pages 1492-1504.
- Terrance M. Hurley & Xudong Rao & Philip G. Pardey, 2017.
"Re-Examining the Reported Rates of Return to Food and Agricultural Research and Development: Reply,"
American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 99(3), pages 827-836.
- Terrance M. Hurley & Xudong Rao & Philip G. Pardey, 2017. "Re‐Examining the Reported Rates of Return to Food and Agricultural Research and Development: Reply," American Journal of Agricultural Economics, John Wiley & Sons, vol. 99(3), pages 827-836, April.
- Kierulff, Herbert, 2008. "MIRR: A better measure," Business Horizons, Elsevier, vol. 51(4), pages 321-329.
- 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), pages 1-31.
- Alston, Julian M. & Marra, Michele C. & Pardey, Philip G. & Wyatt, T. J., 1998. "Research returns redux: a meta-analysis of the returns to agricultural R&D," EPTD discussion papers 38, International Food Policy Research Institute (IFPRI).
- J. Hirshleifer, 1958. "On the Theory of Optimal Investment Decision," Journal of Political Economy, University of Chicago Press, vol. 66(4), pages 329-329.
- Martin J. Bailey, 1959. "Formal Criteria for Investment Decisions," Journal of Political Economy, University of Chicago Press, vol. 67(5), pages 476-476.
- Bronwyn H. Hall & Nathan Rosenberg (ed.), 2010. "Handbook of the Economics of Innovation," Handbook of the Economics of Innovation, Elsevier, edition 1, volume 1, number 1.
- Julian M. Alston & Philip G. Pardey, 1996. "Making Science Pay: The Economics of Agricultural R&D Policy," Books, American Enterprise Institute, number 53242, September.
- Graham, John R. & Harvey, Campbell R., 2001. "The theory and practice of corporate finance: evidence from the field," Journal of Financial Economics, Elsevier, vol. 60(2-3), pages 187-243, May.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Kym Anderson, 2018.
"From taxing to subsidizing farmers in China post-1978,"
China Agricultural Economic Review, Emerald Group Publishing Limited, vol. 10(1), pages 36-47, February.
- Kym Anderson, 2017. "From taxing to subsidizing farmers in China Post-1978," Departmental Working Papers 2017-13, The Australian National University, Arndt-Corden Department of Economics.
- Anderson, Kym, 2017. "From Taxing to Subsidizing Farmers in China Post-1978," CEPR Discussion Papers 12438, C.E.P.R. Discussion Papers.
- Minot, Nicholas & Balie, Jean & Valera, Harold Glenn A., 2021. "Prioritizing yield-increasing crop research for poverty impact: An application of microsimulation in the Philippines," 2021 Annual Meeting, August 1-3, Austin, Texas 313976, Agricultural and Applied Economics Association.
- Kym Anderson, 2023.
"Loss of preferential access to the protected EU sugar market: Fiji's response,"
Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 67(3), pages 480-499, July.
- Kym Anderson, 2022. "Loss of preferential access to the protected EU sugar market: Fiji's response," Departmental Working Papers 2022-11, The Australian National University, Arndt-Corden Department of Economics.
- Pemsl, Diemuth E. & Staver, Charles & Hareau, Guy & Alene, Arega D. & Abdoulaye, Tahirou & Kleinwechter, Ulrich & Labarta, Ricardo & Thiele, Graham, 2022. "Prioritizing international agricultural research investments: lessons from a global multi-crop assessment," Research Policy, Elsevier, vol. 51(4).
- Kym Anderson & Anna Strutt, 2023. "From re-instrumenting to re-purposing farm support policies," Departmental Working Papers 2023-04, The Australian National University, Arndt-Corden Department of Economics.
- Thornton, Philip & Dijkman, Jeroen & Herrero, Mario & Szilagyi, Lili & Cramer, Laura, 2022. "Viewpoint: Aligning vision and reality in publicly funded agricultural research for development: A case study of CGIAR," Food Policy, Elsevier, vol. 107(C).
- Julian M. Alston & Philip G. Pardey, 2020.
"Innovation, Growth, and Structural Change in American Agriculture,"
NBER Chapters, in: The Role of Innovation and Entrepreneurship in Economic Growth, pages 123-165,
National Bureau of Economic Research, Inc.
- Julian M. Alston & Philip G. Pardey, 2020. "Innovation, Growth and Structural Change in American Agriculture," NBER Working Papers 27206, National Bureau of Economic Research, Inc.
- Julian M. Alston & Philip G. Pardey & Xudong Rao, 2022. "Payoffs to a half century of CGIAR research," American Journal of Agricultural Economics, John Wiley & Sons, vol. 104(2), pages 502-529, March.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Andersen, Matthew A., 2019. "Knowledge productivity and the returns to agricultural research: a review," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 63(2), April.
- Rao, Xudong & Hurley, Terrance M. & Pardey, Philip G., 2019.
"Are agricultural R&D returns declining and development dependent?,"
World Development, Elsevier, vol. 122(C), pages 27-37.
- Rao, Xudong & Hurley, Terrance M. & Pardey, Philip G., 2016. "Are Agricultural R&D Returns Declining and Development Dependent?," 2016 Annual Meeting, July 31-August 2, Boston, Massachusetts 235962, Agricultural and Applied Economics Association.
- James F. Oehmke, 2017. "Re‐Examining the Reported Rates of Return to Food and Agricultural Research and Development: Comment," American Journal of Agricultural Economics, John Wiley & Sons, vol. 99(3), pages 818-826, April.
- Wang, Shanchao & Alston, Julian M. & Pardey, Philip G., 2023. "R&D Lags in Economic Models," Staff Papers 330085, University of Minnesota, Department of Applied Economics.
- Magni, Carlo Alberto, 2016.
"Capital depreciation and the underdetermination of rate of return: A unifying perspective,"
Journal of Mathematical Economics, Elsevier, vol. 67(C), pages 54-79.
- Magni, Carlo Alberto, 2016. "Capital depreciation and the underdetermination of rate of return: A unifying perspective," MPRA Paper 77401, University Library of Munich, Germany.
- Stéphane Lemarié & Valérie Orozco & Jean-Pierre Butault & Antonio Musolesi & Michel Simioni & Bertrand Schmitt, 2020.
"Assessing the long-term impact of agricultural research on productivity: evidence from France,"
European Review of Agricultural Economics, Oxford University Press and the European Agricultural and Applied Economics Publications Foundation, vol. 47(4), pages 1559-1586.
- Stéphane Lemarié & Valérie Orozco & Jean-Pierre Butault & Antonio Musolesi & Michel Simioni & Bertrand Schmitt, 2019. "Assessing the long-term impact of agricultural research on productivity: evidence from France," Working Papers hal-02791517, HAL.
- Orozco, Valérie & Butault, Jean-Pierre & Musolesi, Antonio & Simioni, Michel & Schmitt, Bertrand & Lemarié, Stéphane, 2020. "Assessing the long-term impact of agricultural research on productivity: Evidence from France," TSE Working Papers 124051, Toulouse School of Economics (TSE).
- Stephane Lemarié & Valérie Orozco & Jean-Pierre Butault & Antonio Musolesi & Michel Simioni & Bertrand Schmitt, 2020. "Assessing the long-term impact of agricultural research on productivity: Evidence from France," Post-Print hal-02794533, HAL.
- Hurley, Terrance M. & Pardey, Philip G. & Rao, Xudong & Andrade, Robert S., 2016. "Returns to Food and Agricultural R&D Investments Worldwide, 1958-2015," Briefs 249356, University of Minnesota, International Science and Technology Practice and Policy.
- Lachaud, Michée A. & Bravo-Ureta, Boris E., 2022. "A Bayesian statistical analysis of return to agricultural R&D investment in Latin America: Implications for food security," Technology in Society, Elsevier, vol. 70(C).
- Kancs, d’Artis & Siliverstovs, Boriss, 2016.
"R&D and non-linear productivity growth,"
Research Policy, Elsevier, vol. 45(3), pages 634-646.
- d'Artis Kancs & Boriss Siliverstovs, 2012. "R&D and Non-Linear Productivity Growth of Heterogeneous Firms," JRC Working Papers on Corporate R&D and Innovation 2012-06, Joint Research Centre.
- d'Artis Kancs & Boriss Siliverstovs, 2012. "R&D and Non-Linear Productivity Growth of Heterogeneous Firms," JRC Research Reports JRC77247, Joint Research Centre.
- d'Artis Kancs & Boriss Siliverstovs, 2012. "R&D and Non-linear Productivity Growth of Heterogeneous Firms," LICOS Discussion Papers 32112, LICOS - Centre for Institutions and Economic Performance, KU Leuven.
- D'Artis Kancs & Boriss Siliverstovs, 2012. "R&D and Non-linear Productivity Growth of Heterogeneous Firms," KOF Working papers 12-315, KOF Swiss Economic Institute, ETH Zurich.
- Julian M. Alston & Philip G. Pardey, 2020.
"Innovation, Growth, and Structural Change in American Agriculture,"
NBER Chapters, in: The Role of Innovation and Entrepreneurship in Economic Growth, pages 123-165,
National Bureau of Economic Research, Inc.
- Julian M. Alston & Philip G. Pardey, 2020. "Innovation, Growth and Structural Change in American Agriculture," NBER Working Papers 27206, National Bureau of Economic Research, Inc.
- Katherine Wynn & Mingji Liu & Jasmine Cohen, 2022. "Quantifying the economy‐wide returns to innovation for Australia," Australian Economic Papers, Wiley Blackwell, vol. 61(3), pages 591-614, September.
- Maredia, Mywish K. & Raitzer, David A., 2012. "Review and analysis of documented patterns of agricultural research impacts in Southeast Asia," Agricultural Systems, Elsevier, vol. 106(1), pages 46-58.
- Steven P Dehmer & Philip G Pardey & Jason M Beddow & Yuan Chai, 2019. "Reshuffling the global R&D deck, 1980-2050," PLOS ONE, Public Library of Science, vol. 14(3), pages 1-12, March.
- Carlo Alberto Magni, 2010.
"Average Internal Rate of Return and investment decisions: A new perspective,"
Centro Studi di Banca e Finanza (CEFIN) (Center for Studies in Banking and Finance)
0021, Universita di Modena e Reggio Emilia, Dipartimento di Economia "Marco Biagi".
- Carlo Alberto Magni, 2010. "Average internal rate of return and investment decisions: A new perspective," Proyecciones Financieras y Valoración 6653, Master Consultores.
- Benjamin F. Jones & Lawrence H. Summers, 2020.
"A Calculation of the Social Returns to Innovation,"
NBER Chapters, in: Innovation and Public Policy, pages 13-59,
National Bureau of Economic Research, Inc.
- Benjamin F. Jones & Lawrence H. Summers, 2020. "A Calculation of the Social Returns to Innovation," NBER Working Papers 27863, National Bureau of Economic Research, Inc.
- Zuzana Smeets Kristkova & Cornelis Gardebroek & Michiel van Dijk & Hans van Meijl, 2017.
"The impact of R&D on factor-augmenting technical change – an empirical assessment at the sector level,"
Economic Systems Research, Taylor & Francis Journals, vol. 29(3), pages 385-417, July.
- Kristkova, Z. Smeets & Gardebroek, K. & van Dijk, M. & van Meijl, H., 2015. "The impact of R&D on factor-augmenting technical change- an empirical assessment at the sector level," 2015 Conference, August 9-14, 2015, Milan, Italy 230229, International Association of Agricultural Economists.
- Mason-D'Croz, Daniel & Sulser, Timothy B. & Wiebe, Keith & Rosegrant, Mark W. & Lowder, Sarah K. & Nin-Pratt, Alejandro & Willenbockel, Dirk & Robinson, Sherman & Zhu, Tingju & Cenacchi, Nicola & Duns, 2019. "Agricultural investments and hunger in Africa modeling potential contributions to SDG2 – Zero Hunger," World Development, Elsevier, vol. 116(C), pages 38-53.
- Del Bo, Chiara F., 2016. "The rate of return to investment in R&D: The case of research infrastructures," Technological Forecasting and Social Change, Elsevier, vol. 112(C), pages 26-37.
- Davide Viaggi, 2018. "Quantifying the Impact of Scientific Research on Agriculture," EuroChoices, The Agricultural Economics Society, vol. 17(1), pages 19-24, April.
- Minjie Deng & Chang Liu, 2021. "Sovereign Risk and Intangible Investment," Discussion Papers dp21-16, Department of Economics, Simon Fraser University.
More about this item
Keywords
Productivity Analysis; Agricultural and Food Policy; International Development;All these keywords.
NEP fields
This paper has been announced in the following NEP Reports:- NEP-INO-2018-10-01 (Innovation)
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ags:aaea17:259125. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: AgEcon Search (email available below). General contact details of provider: https://edirc.repec.org/data/aaeaaea.html .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.