Persistent Underinvestment in Public Agricultural Research
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It is often argued that public support of agricultural research is inadequate.
However, the empirical papers that support this hypothesis rarely reflect formal
behavioral theory capable of explaining this phenomenon. This paper presents a
theory that explains underfunding, namely, that funding agencies respond too
slowly to secular changes in the value of research. A model of farmer and funding
agency behavior is presented, and shown to imply that actual research funding
will be consistently smaller than optimal funding. The assumptions and results
of the model are explained in terms of the institutional literature on public agricultural
research agencies.