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Sheep CRC Renewal Proposal: Economic Evaluation of the Proposed Scientific Themes

Author

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  • Griffith, Garry R.
  • Vere, David T.
  • Jones, Randall E.

Abstract

The Australian sheep industry and its associated research and development agencies have developed a proposal for the CRC for Sheep Industry Innovation. “Top-down” and “bottomup” procedures were used to assess the expected economic benefits from this proposal. Formal “with-CRC” and “without-CRC” scenarios were defined for each product and each research theme. Relevant costs were similarly defined. The requested investment by the Commonwealth and the Australian sheep industry in the CRC is assessed relative to a scenario where an alternative, lower cost research program into this industry is implemented. These extra resources have a discounted value of about $34 million over the 25-year period of this evaluation. These resources are sufficient to allow some new research components to be added to the portfolio, some existing components to produce better outcomes, and a more targeted approach to development and extension that speeds up and increases the adoption of the new technologies that are generated by the research program. The benefit from this extra investment and consequent research effort is estimated to be worth about $518 million in present value terms, which is far in excess of the marginal investment. Thus every $1 of these extra resources brought into the Australian sheep industry through funding the proposed CRC is expected to return around $15.30 to the industry in present value terms.

Suggested Citation

  • Griffith, Garry R. & Vere, David T. & Jones, Randall E., 2006. "Sheep CRC Renewal Proposal: Economic Evaluation of the Proposed Scientific Themes," Research Reports 42656, New South Wales Department of Primary Industries Research Economists.
    • Handle: RePEc:ags:nswprr:42656
    DOI: 10.22004/ag.econ.42656
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    References listed on IDEAS

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    2. Patton, Dean A. & Mullen, John D., 2001. "Farming Systems in the Central West of NSW: An Economic Analysis," Research Reports 27998, New South Wales Department of Primary Industries Research Economists.
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    5. Maredia, Mywish K. & Byerlee, Derek, 2000. "Efficiency of research investments in the presence of international spillovers: wheat research in developing countries," Agricultural Economics, Blackwell, vol. 22(1), pages 1-16, January.
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    7. Ryan, James G., 1999. "Assessing the impact of policy research and capacity building by IFPRI in Malawi," Impact assessments 11, International Food Policy Research Institute (IFPRI).
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    Cited by:

    1. Mounter, Stuart W. & Griffith, Garry R. & Piggott, Roley R. & Fleming, Euan M. & Zhao, Xueyan, 2007. "Composition of the National Sheep Flock and Specification of Equilibrium Prices and Quantities for the Australian Sheep and Wool Industries, 2002-03 to 2004-05," Research Reports 37664, New South Wales Department of Primary Industries Research Economists.
    2. Griffith, Garry R. & Parnell, Peter F. & McKiernan, William A., 2005. "The Economic, Environmental and Social Benefits to NSW from Investment in the CRC for Beef Genetics Technologies," Research Reports 42654, New South Wales Department of Primary Industries Research Economists.
    3. Griffith, Garry R., 2009. "Estimating the economic impact of a major beef industry research and development investment," Australasian Agribusiness Review, University of Melbourne, Department of Agriculture and Food Systems, vol. 17, pages 1-24.

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