Market Price Response of World Rice Research

Yujiro Hayami, Masao Kikuchi and Kazuko Morooka

Agricultural Economics, 1989, vol. 3, issue 4, 333-343

Abstract: Using the total number of research publications as a proxy, the output of rice research in the world is estimated to be highly responsive in the short run to price fluctuations in the international rice market. The results suggest a danger of the inducement mechanism of public investment in the agricultural production infrastructure being misguided by cyclical price changes, thereby leading to recurrent food shortages and oversupplies in a cobweb‐like manner.

Date: 1989
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