Public and Private Returns from Joint Venture Research: An Example from Agriculture

Alvin Ulrich, Hartley Furtan and Andrew Schmitz

The Quarterly Journal of Economics, 1986, vol. 101, issue 1, 103-129

Abstract: Public research institutions are turning increasingly to the private sector for additional financial support. Such a trend, in the short run, lessens the need for public research expenditures, but may, in the long run, prove to be very costly to the economy as a whole. This is because private funding increases the chance that the direction of research will shift so that private benefits are enhanced. Such a shift is especially costly if public research funds are then not forthcoming that would have the potential of producing the maximum level of benefits to the economy as a whole. A case study of Canadian barley research is used to illustrate this problem.

Date: 1986
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