caa a22 4500 467896135 CHVBK 20180406152804.0 cr unu---uuuuu 170328e20060901xx s 000 0 eng 10.1007/s00181-005-0036-3 doi (NATIONALLICENCE)springer-10.1007/s00181-005-0036-3 Price, private demand and optimal provision of public R&D investment: An application to Italian agriculture, 1960-1995 [Elektronische Daten] [Roberto Esposti, Pierpaolo Pierani] 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. Springer-Verlag, 2006 Public agricultural R&D nationallicence Variable cost function nationallicence R&D price nationallicence Q160 nationallicence O300 nationallicence Esposti Roberto Department of Economics, Polytechnic University of Marche, Piazzale Martelli 8, 60121, Ancona, Italy aut Pierani Pierpaolo Department of Economics, University of Siena, Piazza S. Francesco 7, 53100, Siena, Italy aut Empirical Economics Physica-Verlag 31/3(2006-09-01), 699-715 0377-7332 31:3<699 2006 31 181 https://doi.org/10.1007/s00181-005-0036-3 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s00181-005-0036-3 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Esposti Roberto Department of Economics, Polytechnic University of Marche, Piazzale Martelli 8, 60121, Ancona, Italy aut NATIONALLICENCE 700 1- Pierani Pierpaolo Department of Economics, University of Siena, Piazza S. Francesco 7, 53100, Siena, Italy aut NATIONALLICENCE 773 0- Empirical Economics Physica-Verlag 31/3(2006-09-01), 699-715 0377-7332 31:3<699 2006 31 181 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer