R&D Lags in Economic Models

Shanchao Wang, Julian Alston and Philip Pardey

No 330085, Staff Papers from University of Minnesota, Department of Applied Economics

Abstract: Quite different R&D lag structures predominate in studies of agricultural R&D compared with studies of R&D in other industries, and compared with studies of economic growth more broadly. Here we compare the main models and their implications using long-run data for U.S. agriculture. We reject the models predominantly used in studies of economic growth and industrial R&D both on prior grounds and using various statistical tests. The preferred model is a 50-year gamma lag distribution model. The estimated elasticity of MFP with respect to the knowledge stock is 0.28 and the implied marginal benefit-cost ratio is 23:1.

Keywords: Agricultural and Food Policy; Research and Development/Tech Change/Emerging Technologies; Research Methods/Statistical Methods (search for similar items in EconPapers)
Pages: 62
Date: 2023-01-21
New Economics Papers: this item is included in nep-agr, nep-gro, nep-ino and nep-tid
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Persistent link: https://EconPapers.repec.org/RePEc:ags:umaesp:330085

DOI: 10.22004/ag.econ.330085

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