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Pragmatic Selection of R,D&E Investments in Primary Industries

Author

Listed:
  • McClintock, Anthea
  • Malcolm, Bill
  • Crean, Jason
  • Jackson, Tom
  • Heath, James

Abstract

Information deficiencies make selecting investments in R,D & E projects a difficult and uncertain task. Gardner (2004) likened the challenges and uncertainties of choosing the right mix of R,D&E projects to that of recruiting football players or breeding racehorses. In this paper approaches are examined to improving the odds of selecting, from a myriad of choices, more of the investments that are likely to deliver sound economic, social and environmental outcomes in primary industries. Pragmatism rules. The approaches proposed are a pragmatic way of evaluating R,D&E investment opportunities ex ante under the conditions where research opportunities are almost unlimited and budgets limited and falling.

Suggested Citation

  • McClintock, Anthea & Malcolm, Bill & Crean, Jason & Jackson, Tom & Heath, James, 2013. "Pragmatic Selection of R,D&E Investments in Primary Industries," 2013 Conference (57th), February 5-8, 2013, Sydney, Australia 152169, Australian Agricultural and Resource Economics Society.
    • Handle: RePEc:ags:aare13:152169
    DOI: 10.22004/ag.econ.152169
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    References listed on IDEAS

    as
    1. Malcolm, Bill, 2009. "Managing Uncertainty Pragmatically in Private and Public Decision-making about Investment," Papers 234190, University of Melbourne, Melbourne School of Land and Environment.
    2. Commission, Productivity, 2011. "Rural Research and Development Corporations," Inquiry Reports, Productivity Commission, Government of Australia, number 52.
    3. John D. Mullen & Thomas L. Cox, 1995. "The Returns From Research In Australian Broadacre Agriculture," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 39(2), pages 105-128, August.
    4. Productivity Commission, 2007. "Public Support for Science and Innovation," Research Reports, Productivity Commission, Government of Australia, number 24.
    5. Bruce L. Gardner, 1997. "Measuring the Benefits of Agricultural Economics Research: Discussion," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 79(5), pages 1551-1553.
    6. Mullen, John D. & Cox, Thomas L., 1995. "The Returns From Research In Australian Broadacre Agriculture," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 39(2), pages 1-24, August.
    7. Deborah A. Cobb‐Clark & Thomas Crossley, 2003. "Econometrics for Evaluations: An Introduction to Recent Developments," The Economic Record, The Economic Society of Australia, vol. 79(247), pages 491-511, December.
    8. Paul J. Gertler & Sebastian Martinez & Patrick Premand & Laura B. Rawlings & Christel M. J. Vermeersch, . "Impact Evaluation in Practice, First Edition [La evaluación de impacto en la práctica]," World Bank Publications, The World Bank, number 2550, September.
    Full references (including those not matched with items on IDEAS)

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    Keywords

    Research and Development/Tech Change/Emerging Technologies; Research Methods/ Statistical Methods;

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