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Full-Text Articles in Social and Behavioral Sciences
Rates Of Return To Public Agricultural Research In 48 U.S. States, Alejandro Plastina, Lilyan E. Fulginiti
Rates Of Return To Public Agricultural Research In 48 U.S. States, Alejandro Plastina, Lilyan E. Fulginiti
Department of Agricultural Economics: Faculty Publications
The internal rate of return (IRR) 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 29%. These figures should inform the policy debate on the allocation of federal funds to research in the actual food crisis environment.
Rates Of Return To Public Agricultural Research In 48 U.S. States, Alejandro Plastina, Lilyan E. Fulginiti
Rates Of Return To Public Agricultural Research In 48 U.S. States, Alejandro Plastina, Lilyan E. Fulginiti
Lilyan E. Fulginiti Publications
The internal rate of return (IRR) 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 29%. These figures should inform the policy debate on the allocation of federal funds to research in the actual food crisis environment.