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SETTING EFFICIENT INCENTIVES FOR AGRICULTURAL RESEARCH: LESSONS FROM PRINCIPAL-AGENT THEORY II AgEcon
Huffman, Wallace E.; Just, Richard E..
This paper presents one of the first systematic treatments of economic incentives in the management of academic research and major inefficiencies in common funding mechanisms. Building on well-known but unusual attributes of research whereby the research payoff is only the “"best”" of scientists'’ outputs, payoffs are highly uncertain, asymmetric information exists on scientists'’ effort, and scientists'’ are more risk averse than administrators, we consider how incentives should be structured to elicit optimal research effort and payoffs using a principal-agent model with heterogenous ability across scientists. We then conduct a systematic analysis of the implications from the model for the three major forms of agricultural experiment station...
Tipo: Working or Discussion Paper Palavras-chave: Research management; Research incentives; Heterogenous ability; Agriculture; Principal-agent theory; Implicit contracting; Funding mechanisms; Research and Development/Tech Change/Emerging Technologies.
Ano: 1999 URL: http://purl.umn.edu/18236
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Ciência, tecnologia e sociedade: visões sobre transformações da pesquisa agrícola no Brasil AgEcon
Santos, Lucy Woellner dos; Ichikawa, Elisa Yoshie.
The present work aims at reflecting upon the future of agricultural research in Brazil, having as a background numerous changes that are taking place in the organization of such sector. It is based on a qualitative methodological strategy, the data survey being carried out by means of semistructured interviews. The interviewees were people linked to the agricultural sector in the State of Santa Catarina, namely, researchers, extension activity personnel, directors of research companies and rural extension, representatives of producers associations, former state secretaries of agriculture, government advisors, amongst others. From the analysis of the interview contents, the main issues raised are related to the role of the State, the participation of the...
Tipo: Journal Article Palavras-chave: Agricultural research; Qualitative research; Research management.
Ano: 2003 URL: http://purl.umn.edu/43570
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SETTING EFFICIENT INCENTIVES FOR AGRICULTURAL RESEARCH: LESSONS FOR PRINCIPAL-AGENT THEORY AgEcon
Huffman, Wallace E.; Just, Richard E..
This paper presents a conceptual analysis of important issues in management of agricultural research drawing on principal-agent theory and derives implications for funding and management of agricultural research. Building on well known attributes of research, whereby research results are risky, outputs are uncertain and sometimes unanticipated, more than one approach has validity for a given topic, we consider how incentives should be structured to elicit optimal research effort and directions, whether research directions should be set at a centralized or decentralized level, and the optimal duplication of effort. The results suggest that (i) the current trend toward replacement of formula funding by competitive grants allocation may be ill conceived,...
Tipo: Working or Discussion Paper Palavras-chave: Research management; Research funding; Agriculture; Principal-agent theory; Research incentives; Scientists' effort; Noncompetitive funding; Competitive funding; Duplicative effort; Research and Development/Tech Change/Emerging Technologies.
Ano: 1998 URL: http://purl.umn.edu/18253
Registros recuperados: 3
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