Research returns redux: a meta-analysis of the returns to agricultural R&D

Julian Alston, Michele Marra, Philip Pardey and T.J. Wyatt

Australian Journal of Agricultural and Resource Economics, 2000, vol. 44, issue 2, 31

Abstract: A total of 289 studies of returns to agricultural R&D were compiled and these provide 1821 estimates of rates of return. After removing statistical outliers and incomplete observations, across the remaining 1128 observations the estimated annual rates of return averaged 65 per cent overall — 80 per cent for research only, 80 per cent for extension only, and 47 per cent for research and extension combined. These averages reveal little meaningful information from a large body of literature, which provides rate‐of‐return estimates that are often not directly comparable. This study was aimed at trying to account for the differences. Several features of the methods used by research evaluators matter, in particular assumptions about lag lengths and the nature of the research‐induced supply shift.

Keywords: Research; and; Development/Tech; Change/Emerging; Technologies (search for similar items in EconPapers)
Date: 2000
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Citations: View citations in EconPapers (75)

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Working Paper: Research returns redux: a meta-analysis of the returns to agricultural R&D (1998)
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Persistent link: https://EconPapers.repec.org/RePEc:ags:aareaj:117834

DOI: 10.22004/ag.econ.117834

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