Rates of Return to Public Agricultural Research in 48 U.S. States

The present study provides a quantitative assessment of the benefits from public agricultural research and development (R&D) for each continental state of the U.S. for 1949-1991, explicitly acknowledging for spillover effects. The novelty of this study resides in the use of spatial econometric techniques to account for stochastic spatial dependency generated by knowledge spillovers. The estimated national average own state internal rate of return (IRR) to investments in public agricultural R&D is 15.69%; while the estimated national average social IRR is 27%. Failing to account for the indirect effects of knowledge spillovers results in estimates that are, on average, 11% and 13% higher.


Issue Date:
2007
Publication Type:
Conference Paper/ Presentation
PURL Identifier:
http://purl.umn.edu/9858
Total Pages:
131
JEL Codes:
Q16
Series Statement:
Selected Paper 174261




 Record created 2017-04-01, last modified 2017-08-23

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