R&D Spillovers: Evidence from U.S. Food Processing, Farm Machinery and Agricultural Sectors

Munisamy Gopinath and Terry Roe

Economics of Innovation and New Technology, 2000, vol. 9, issue 3, 223-244

Abstract: This paper computes private and social rates of return to R&D capital in the three vertically linked sectors, primary agriculture, food processing, and the farm machinery in the United States. Using a cost function approach, the private rates of return to R&D ranged from an average of 21.5% per annum for farm machinery to 87.5% for agriculture. The social rates of return to R&D in food processing and farm machinery are larger than the private rates due to spillovers. We find that spillovers from public agricultural R&D mitigates the market's failure in farm machinery to fully appropriate the returns to its R&D capital.

Keywords: Intersectoral Spillovers; R&D capital; Rates of Return (search for similar items in EconPapers)
Date: 2000
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Citations: View citations in EconPapers (5)

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DOI: 10.1080/10438590000000009

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