Rates of Return to Public Agricultural Research in 48 U.S. States

Alejandro Plastina and Lilyan Fulginiti

No 51709, 2009 Conference, August 16-22, 2009, Beijing, China from International Association of Agricultural Economists

Abstract: The internal rate of return to public investment in agricultural R&D is estimated for each of the continental U.S. states. Theoretically, our contribution provides a way of obtaining the returns to a local public good using Rothbart’s concept of virtual prices. Empirically, we use the spatial dependency among states generated by knowledge spillovers to define the ‘appropriate’ jurisdiction. We estimate an average own-state rate of 17% and a social rate of 27%. These figures should inform the policy debate on the allocation of federal funds to research in anticipation of a possible global food crisis.

Keywords: Production Economics; Productivity Analysis; Public Economics; Research and Development/Tech Change/Emerging Technologies (search for similar items in EconPapers)
Pages: 43
Date: 2009
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Related works:
Journal Article: Rates of return to public agricultural research in 48 US states (2012)
Working Paper: Rates of Returns to Public Agricultural Research in 48 U.S. States (2012)
Working Paper: Rates of Return to Public Agricultural Research in 48 U.S. States (2007)
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Persistent link: https://EconPapers.repec.org/RePEc:ags:iaae09:51709

DOI: 10.22004/ag.econ.51709

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