Evaluating Returns to Agricultural Research: A Review

This paper reviews and compares the most common approaches used to evaluate public agricultural research investment. Ex post studies fall into two major groups: ( a ) consumer and producer surplus analyses, estimating average rates of return to research, and ( b ) production function analyses, estimating marginal rates of return to research. Ex ante studies fall into four groups: ( a ) those using scoring models to rank research activities, ( b ) those employing benefit‐cost analysis to establish rates of return to research, ( c ) those using simulation models, and ( d ) those using mathematical programming to select an optimal mix of research activities.