English, Article, Journal or magazine article edition: Price, Private Demand and Optimal Provision of Public R&D in Italian Agriculture Roberto ESPOSTI; Pierpaolo PIERANI

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Bookmark: http://trove.nla.gov.au/version/19005
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Price, Private Demand and Optimal Provision of Public R&​D in Italian Agriculture
Author
  • Roberto ESPOSTI
  • Pierpaolo PIERANI
Physical Description
  • preprint
Notes
  • The current paper presents a model in which public R&​D stock is included as a quasi-fixed input in a variable cost function. Its price affects the long run desired level, while its shadow price indicates whether under (over) investment occurs in the short run. Two alternative R&​D prices and - thus - two different long-run desired levels, are defined. One concerns the private (farmer) perspective, in which farmers express demand under the assumption of costless R&​D. The other considers the societal point of view, in which the objective is the optimal public R&​D supply conditioned on its cost. Application of the above model to the Italian agricultural context (1960-1995) suggests a significant difference between these private and social desired R&​D levels. The latter are, on average, closer to the observed values, though over-investment has emerged since the mid-eighties.
  • R&​D price, public agricultural R&​D, variable cost function
  • RePEc:anc:wpaper:238
Language
  • English
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