Abstract
ABSTRACT Quite different R&D lag structures predominate in studies of agricultural R&D compared with studies of R&D in other industries, and compared with studies of economic growth more broadly. Here we compare the main models and their implications using long-run data for U.S. agriculture. We reject the models predominantly used in studies of economic growth and industrial R&D both on prior grounds and using various statistical tests. The preferred model is a 50-year gamma lag distribution model. The estimated elasticity of agricultural MFP with respect to the knowledge stock is 0.21 and the implied marginal benefit–cost ratio is 18:1.
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