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Abstract

Considerable evidence exists of high returns to public and private investment in commodity research and development programs. This study investigates the potential returns to product research, development, and marketing in a dynamic commodity-market model. Theoretical hypotheses derived from the solution to this model are tested in an empirical example of Washington apples. Estimation results show that, despite significant spillovers to research and promotion expenditure in this industry, there is nonetheless considerable latitude to increase annual sales.

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