Abstract
A general equilibrium sectoral model of Canadian agriculture was used to determine whether economic payoffs from investment in beef research might be more completely estimated with mathematical programming than with traditional time series analyses. Using this approach, estimated rates of return to beef research were significantly lower than those estimated in earlier studies that used an econometric approach. At a 5% discount rate, benefit-to-cost ratios generated were 37 to 1 for unadjusted beef research and 30·4 to 1 for beef research adjusted for concomitant effects of crop research. These compare with a benefit-to-cost ratio of about 48 to 1 in earlier econometric studies. Flexibility of the mathematical programming approach provides an opportunity to estimate various secondary impacts of specific agricultural research programs, including regional payoffs, environmental externalities, and interactions with agricultural policies and programs.
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