Research and development project selection in the public sector

Nicholas S. Vonortas and Henry R. Hertzfeld
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Nicholas S. Vonortas: Economics and International Affairs, George Washington University, Postal: Economics and International Affairs, George Washington University
Henry R. Hertzfeld: Center for International Science and Technology Policy and the Space Policy Institute, George Washington University, Postal: Center for International Science and Technology Policy and the Space Policy Institute, George Washington University

Journal of Policy Analysis and Management, 1998, vol. 17, issue 4, 621-638

Abstract: This article argues for an innovative methodology to appraising (ex ante) longer-term strategic research and development (R&D) investments. This methodology reflects the inherent value of such R&D in terms of opening up opportunities (but not obligations) for investment in new technological areas with potentially substantial returns. Although corporate R&D managers and public administrators describe the merits of long-term research on these grounds, only recently has the qualitative argument been replaced by the foundations of a methodology capable of quantifying this inherent value of R&D. Such a methodology could also facilitate a transition toward the use of more appropriate discount rates other than the unvarying rates of traditional methodologies.

Date: 1998
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Persistent link: https://EconPapers.repec.org/RePEc:wly:jpamgt:v:17:y:1998:i:4:p:621-638

DOI: 10.1002/(SICI)1520-6688(199823)17:4<621::AID-PAM2>3.0.CO;2-I

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