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European Review of Agricultural Economics vol. 30 no. 4 © Oxford University Press and Foundation for the European Review of Agricultural Economics 2003; all rights reserved

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

Roberto Esposti*

Marche Polytechnic University, Ancona, Italy

Pierpaolo Pierani

University of Siena, Siena, Italy

Corresponding author: Roberto Esposti, Department of Economics, Marche Polytechnic University, Piazzale Martelli 8, 60121 Ancona, Italy. E-mail: robertoe{at}dea.unian.it

Received December 2002; Revision received September 2003.

Summary

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.

Keywords: public R&D, R&D price, short-run cost function

JEL classification: O30, Q16


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