Measuring research benefits in an imperfect market
In this paper, an imperfect market model is developed for evaluating agricultural research benefits. The main finding is that the increases in societal gain, and the producer's share of this gain, are larger with a monopoly than with a competitive market. The paper argues that if the market for an agricultural input or for a commodity is not competitive, then use of a competitive model for assessing research benefits could lead to understatements of both producer and total benefits.
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Voon, T. J. (1994). Measuring research benefits in an imperfect market. Agricultural Economics, 10(1), 89-93. doi: 10.1016/0169-5150(94)90043-4