@article{Fox:13360,
      recid = {13360},
      author = {Fox, Glenn},
      title = {A MODEL OF OPTIMAL PUBLIC INVESTMENT IN U.S. AGRICULTURAL  RESEARCH},
      address = {1985},
      number = {1701-2016-139548},
      series = {Staff Paper P85-33},
      pages = {55},
      year = {1985},
      abstract = {This paper examines three claims of inefficient allocation  of public expenditure in publicly funded agricultural  research in the United States.  It has been argued by  analysts of research policy that:
1. The overall level of  public investment in agricultural research is less than  what would be socially optimal.
2. The present composition  of public research investment is excessively myopic in that  too little basic research is performed relative to the  level of applied research.
3. The allocation of research  resources among commodities is inconsistent with economic  efficiency.
A nonlinear optimal growth model of the U.S.  economy was employed to test these propositions.  Strong  support was found for the claim that the overall level of  investment has been adequate.  No support was found for the  contention that basic research has been relatively  underfunded compared to applied research.  Weak support was  found for the view that crop research has suffered from  more acute underfunding than has livestock research.},
      url = {http://ageconsearch.umn.edu/record/13360},
      doi = {https://doi.org/10.22004/ag.econ.13360},
}