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The Optimal Management of Research Portfolios

Author

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  • Bardsley, P.

Abstract

Risky research projects are, other things being equal, intrinsically harder to monitor than those which are less risky. It is shown, using agency theory that a standard cost benefit analysis which ignores the agency problem will introduce a bias towards excessively risky projects.

Suggested Citation

  • Bardsley, P., 1997. "The Optimal Management of Research Portfolios," Department of Economics - Working Papers Series 549, The University of Melbourne.
  • Handle: RePEc:mlb:wpaper:549
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    References listed on IDEAS

    as
    1. Anderson, Jock R. & Pardey, Philip G. & Roseboom, Johannes, 1994. "Sustaining growth in agriculture: A quantitative review of agricultural research investments," Agricultural Economics, Blackwell, vol. 10(2), pages 107-123, April.
    2. Bardsley, P., 1997. "Multiple Action Agency: An Application to the Management of Scientific Research," Department of Economics - Working Papers Series 550, The University of Melbourne.
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    Cited by:

    1. Stoneham, Gary & Strappazzon, Loris & Soligo, James & Fisher, Bill & Eigenraam, Mark & Wimalasuriya, Rukman, 2000. "Evaluation Of Research Activities," 2000 Conference (44th), January 23-25, 2000, Sydney, Australia 123645, Australian Agricultural and Resource Economics Society.
    2. Omuru, Eric & Kingwell, Ross S., 2005. "Funding and Managing Agricultural Research in a Developing Country: a Papua New Guinea case study," 2005 Conference (49th), February 9-11, 2005, Coff's Harbour, Australia 137938, Australian Agricultural and Resource Economics Society.
    3. Kingwell, Ross S., 1999. "Institutional and social influences on R&D evaluation in agriculture," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 43(1), March.
    4. X. Zhao & J.D. Mullen & G.R. Griffith & R.R. Piggott & W.E. Griffiths, 2002. "The Economic Incidence of R&D and Promotion Investments in the Australian Beef Industry," Monash Econometrics and Business Statistics Working Papers 16/02, Monash University, Department of Econometrics and Business Statistics.

    More about this item

    Keywords

    MANAGEMENT; RESEARCH AND DEVELOPMENT;

    JEL classification:

    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D

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