Building the Knowledge Stock: Lags, Depreciation and Uncertainty in Agricultural R&D

Roberto Esposti and Pierpaolo Pierani
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Pierpaolo Pierani: [n.a.]

No 145, Working Papers from Universita' Politecnica delle Marche (I), Dipartimento di Scienze Economiche e Sociali

Abstract: The search for an appropriate methodology to analyse the relation between R&D investments and the knowledge stock is the main purpose of the paper. The high estimates of internal rates of return on agricultural R&D reported in the literature suggest that there are major empirical problems with the traditional attribution of productivity growth to R&D investments. We model a stochastic gestation lag of research investment and a geometric depreciation of the knowledge stock. This model of knowledge accumulation from R&D investments outlines the basic parameters underlying the investment lag structure. According to the different types of research project, the approach is applied to public R&D expenditure in Italian agriculture in order to ascertain the empirical consequences and potential of the model.

Keywords: knowledge stock; lag structure; research and development (search for similar items in EconPapers)
JEL-codes: Q16 (search for similar items in EconPapers)
Pages: 38
Date: 2001-01
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (17)

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Persistent link: https://EconPapers.repec.org/RePEc:anc:wpaper:145

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