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.

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 [10.1093/erae/30.4.509].

Public R&D investment and cost structure in Italian agriculture, 1960-1995

PIERANI, PIERPAOLO
2003-01-01

Abstract

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.
2003
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 [10.1093/erae/30.4.509].
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11365/40305
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