Abstract
Quite different R&D lag structures predominate in studies of agricultural R&D compared with studies of R&D in other industries, and compared with studies of economic growth more broadly. Here we compare the main models and their implications using long-run data for U.S. agriculture. We reject the models predominantly used in studies of economic growth and industrial R&D both on prior grounds and using various statistical tests. The preferred model is a 50-year gamma lag distribution model. The estimated elasticity of agricultural MFP with respect to the knowledge stock is 0.21 and the implied marginal benefit–cost ratio is 18:1.
| Original language | English (US) |
|---|---|
| Pages (from-to) | 842-862 |
| Number of pages | 21 |
| Journal | Economics of Innovation and New Technology |
| Volume | 34 |
| Issue number | 6 |
| DOIs | |
| State | Published - 2025 |
| Externally published | Yes |
Bibliographical note
Publisher Copyright:© 2024 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group.
UN SDGs
This output contributes to the following UN Sustainable Development Goals (SDGs)
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SDG 2 Zero Hunger -
SDG 8 Decent Work and Economic Growth -
SDG 9 Industry, Innovation, and Infrastructure
Keywords
- R&D lags
- agricultural productivity
- model selection
- rate of return
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