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Public R&D Investment From Private And Social Perspective. An Application To Italian Agriculture, 1960-1995

  • Esposti, Roberto
  • Pierani, Pierpaolo

Public R&D stock is considered as quasi-fixed input in a variable cost function. Its shadow price allows to measure the long run optimal level thus explicitly assessing the hypothesis of under (over) investment. Two alternative R&D prices are defined depending on whether the social or private (farmers) view prevails. The results under these alternatives provide evidence on the hypothesis that free-riding on public R&D explain overinvestment. The application to the Italian agriculture (1960-1995) suggests overinvestment in public research since the late seventies with a significant difference between the social and private optimal R&D, the former being much closer to the observed level.

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File URL: http://purl.umn.edu/25876
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Paper provided by International Association of Agricultural Economists in its series 2003 Annual Meeting, August 16-22, 2003, Durban, South Africa with number 25876.

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Date of creation: 2003
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Handle: RePEc:ags:iaae03:25876
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