@article{Vollaro:312984,
      recid = {312984},
      author = {Vollaro, Michele and Raggi, Meri and Viaggi, Davide},
      title = {Public R&D and European agriculture: impact on  productivity and return on R&D expenditure},
      journal = {Bio-based and Applied Economics Journal},
      address = {2021-03-31},
      number = {1050-2021-1257},
      month = {Mar},
      year = {2021},
      abstract = {While  higher  effort  in  research  is  advocated  for   agriculture,  there  continues  to  be  a  lack  of   measurement  of  its  impact  in  economic  terms,  at   least  in  Europe.  This  paper  seeks  to  assess  the   economic  impact  of  public  agricultural  R&D   investments  in  Europe.  Different  panel  models  are   applied  on  16  European  countries,  by  employing   productivity  and  investment  data.  Results  show   positive  impacts  with  returns  on  pub-lic  R&D   investments  on  agricultural  productivity  of  between   6.5%  and  15.2%,  varying  according  to  model   specifications  and  computation  techniques.  These   values  confirm  that  research  expenditure  in   agriculture  is  well  justified  in  economic  terms.   However,  the  results  are  highly  dependent  on  the   analytical  approach  and  limited  by  the  paucity  of   expenditure  data.  Further  research  is  recommended  to   take  into  account  the  role  of  other  important   determinants  of  impact,  such  as  climate,  spill  overs   and  the  Common  Agricultural  Policy  (CAP).  However,   a  proper  consideration  of  these  variables  will  first   require a major improvement of data availability.},
      url = {http://ageconsearch.umn.edu/record/312984},
      doi = {https://doi.org/10.22004/ag.econ.312984},
}