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The Returns to Agricultural Research in Maine: The Case of a Small Northeastern Experiment Station

Published online by Cambridge University Press:  10 May 2017

James D. Leiby  and
Gregory D. Adams
James D. Leiby
Affiliation:
University of Maine
Gregory D. Adams
Affiliation:
University of California at Berkeley
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Abstract

Estimates of the marginal internal rate of return to expenditures for research by the Maine Agricultural Experiment Station are presented. Estimates are performed using ridge regression under an array of specifications, including alternative functional forms, lag structures, costs of public funds, and variable specifications. The results are consistent with many previous results that imply an underinvestment in agricultural research.

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Type
Articles
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Northeastern Journal of Agricultural and Resource Economics , Volume 20 , Issue 1 , April 1991 , pp. 1 - 14
Copyright
Copyright © 1991 Northeastern Agricultural and Resource Economics Association 

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Footnotes

Appreciation is expressed to Wallace Huffman, Michele Marra, James McConnen, and Alan Kezis. Anonymous reviewers provided a number of useful suggestions. MAES Publication 1522.

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