Agricultural R&D policy under climate and economic uncertainty

Yongyang Cai, Alla Golub, Thomas Hertel and Kenneth Judd

No 332729, Conference papers from Purdue University, Center for Global Trade Analysis, Global Trade Analysis Project

Abstract: Since the 1950s, increased agricultural productivity has allowed food supply growth to outpace demand on a global scale, resulting in a downward trend in world prices. Investments into agricultural research and development (R&D) have been the foundation for this achievement. Optimal R&D spending depends on future population, income and climate change, all of which are highly uncertain. This study offers a dynamic framework for analyzing optimal agricultural R&D spending in 21st century factoring in uncertainties in these drivers.

Keywords: Agricultural and Food Policy; Environmental Economics and Policy (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:ags:pugtwp:332729

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