000013360 001__ 13360
000013360 005__ 20210803100851.0
000013360 0247_ $$2doi$$a10.22004/ag.econ.13360
000013360 037__ $$a1701-2016-139548
000013360 041__ $$aeng
000013360 245__ $$aA MODEL OF OPTIMAL PUBLIC INVESTMENT IN U.S. AGRICULTURAL RESEARCH
000013360 260__ $$c1985
000013360 269__ $$a1985
000013360 300__ $$a55
000013360 336__ $$aWorking or Discussion Paper
000013360 490__ $$aStaff Paper P85-33
000013360 520__ $$aThis paper examines three claims of inefficient allocation of public expenditure in publicly funded agricultural research in the United States.  It has been argued by analysts of research policy that:
1. The overall level of public investment in agricultural research is less than what would be socially optimal.
2. The present composition of public research investment is excessively myopic in that too little basic research is performed relative to the level of applied research.
3. The allocation of research resources among commodities is inconsistent with economic efficiency.
A nonlinear optimal growth model of the U.S. economy was employed to test these propositions.  Strong support was found for the claim that the overall level of investment has been adequate.  No support was found for the contention that basic research has been relatively underfunded compared to applied research.  Weak support was found for the view that crop research has suffered from more acute underfunding than has livestock research.
000013360 546__ $$aEnglish
000013360 650__ $$aResearch and Development/Tech Change/Emerging Technologies
000013360 700__ $$aFox, Glenn
000013360 8564_ $$9b159579a-b388-436a-b3a2-ad9ba093641f$$s1895978$$uhttps://ageconsearch.umn.edu/record/13360/files/p85-33.pdf
000013360 887__ $$ahttp://purl.umn.edu/13360
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  Previous issue date: 1985
000013360 980__ $$a1701
000013360 982__ $$gUniversity of Minnesota>Department of Applied Economics>Staff Papers