Rates of return to public agricultural research in 48 US states |
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Authors: | Alejandro Plastina Lilyan Fulginiti |
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Institution: | (1) International Cotton Advisory Committee (ICAC), 1629 K St, NW, Suite 702, Washington, DC 20006, USA;(2) University of Nebraska-Lincoln, 307C Filley Hall, Lincoln, NE 68583, USA |
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Abstract: | The internal rate of return to public investment in agricultural R&D is estimated for each of the continental US states. Theoretically,
our contribution provides a way of obtaining the returns to a local public good using Rothbart’s concept of virtual prices. Empirically, a stochastic cost function that includes own knowledge capital stock
as well as spillover capital stock variables is estimated. Stochastic spatial dependency among states generated by knowledge
spillovers is used to define the ‘appropriate’ jurisdictions. We estimate an average own-state rate of 17% and a social rate of 29% that compare well to the 9 and 12% average returns of the S&P500 and NASDAQ composite indexes during the same
period. |
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