This paper deals with the role of public research in Italian agriculture during the period 1960–1995. A short-run Generalised Leontief cost function capable of accommodating quasi-fixed factors and variable returns is used. Temporary equilibrium and scale economies are investigated with special emphasis on the methodological implications of R&D stock and the consistency of the estimated model with microeconomic theory. Comparing the relevant shadow and rental price provides evidence on under- (over)- investment and the rationale driving public research expenditure in agriculture. A formal test of the induced innovation hypothesis and the calculation of the internal rate of returns are also presented.
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|Titolo:||Public R&D investment and cost structure in Italian agriculture, 1960-1995|
|Rivista:||EUROPEAN REVIEW OF AGRICULTURAL ECONOMICS|
|Citazione:||Esposti, R., & Pierani, P. (2003). Public R&D investment and cost structure in Italian agriculture, 1960-1995. EUROPEAN REVIEW OF AGRICULTURAL ECONOMICS, 30(4), 509-537.|
|Appare nelle tipologie:||1.1 Articolo in rivista|