Economics

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THE ECONOMICS OF A RESEARCH PROGRAM KNOWLEDGE PRODUCTION, COST, AND TECHNICAL EFFICIENCY

Abstract

Calls continually are made to provide economic assessments of research program achievements and efficiency. Yet little effort has been given to develop an assessment framework that would focus on the research discovery itself, treating the research manager as a producer and the research technology as a knowledge production function. The present dissertation develops such a framework and uses it, with a variety of analytical approaches, to evaluate a two-phase international aquacultural research program consisting of 55 distinct studies. A Bayesian knowledge measure is developed for this purpose, allowing close examination of each of two knowledge creation pathways – the extent of new findings (mean surprise) and the extent of uncertainty reduction (precision). Factors affecting each of these two pathways are estimated in decomposed form, their total effects on knowledge achievement then combined to form an aggregate knowledge production function.

Material Code

PBM_exTiR

Reference

Adams, J. and Z. Griliches.1996. “Measuring science: An exploration.” Proceedings of the National Academy of Sciences 93 (23): 12664–12670. Ayer, A.J. 1958. The Problem of Knowledge. Macmillan and Company, London. Cohen, W. M. and D. A. Levinthal. 1989. "Innovation and learning: The two faces of R&D." The Economic Journal 99 (397): 569-596. Cover, T. M. and J. A. Thomas. 2006. Elements of information theory. John Wiley and Sons. p254. Fraumeni, B. and S. Okubo. 2002. “R&D in the National Income and Product Accounts: A First Look at its Effect on GDP.” Paper presented at the National Bureau of Economic Research/ Conference on Research in Income and Wealth Conference on Measuring Capital in the New Economy, Washington, DC, April 26-27. Grueber, M. 2011. “2012 Global R&D Funding Forecast.” R&D Magazine. Batelle. Hall, B., A. Jaffe, and M. Trajtenberg. 2005. “Market Value and Patent Citations.” Rand Journal of Economics 36: 16-38. Hunt, D. P. 2003. “The Concept of Knowledge and How to Measure It?” Journal of Intellectual Capital 4 (1): 100-113.

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