The value of economic research:

Economic research generates a wide array of benefits. These include information, technological change, and improved policy. There are few quantitative studies of the benefits of economic research, and some benefits may be misattributed to biological and physical research. To be productive, economic research must be transmitted and the user must be able to use it. Therefore, investment in extension outreach and economic literacy are important to improve its impact. Even casual observation suggests that economic research is valuable, but noneconomists must be convinced of this. Since benefits are likely to be concentrated in a small number of successful projects, a useful approach to the assessment of the benefits of research is to identify these projects and their results. The analysis must recognize that the accuracy of any estimates of benefits is uncertain. In addition, the argument behind the estimates should be transparent, relying on documentation and testimony from users, policymakers, and noneconomists. Assessments of the benefits of economic research provide information that can be used both to justify support for economic research and to allocate monies among lines of research.Research Economic aspects., Impact assessment,

WHAT VALUE IS AGRICULTURAL ECONOMICS RESEARCH?

Methods are presented for evaluating the economic benefits of agricultural economics research (AER). Decision theory and economic surplus analysis are used to evaluate returns to five representative types of AER. Benefits stem from effects of AER on economic efficiency through reduced uncertainty about optimal resource allocation or improved institutional design.Research and Development/Tech Change/Emerging Technologies, Research Methods/ Statistical Methods,

Appropriation of value in Biomedical research outcome at Public Research Organisations

Transactions on biomedical research outcomes bring into play strategies that are determined by leveraging resources into quasi-markets and on options based on expectations. To govern such transactions, the choice of appropriate governance structures and the governance of interaction are all too often in remittance of risk and uncertainty. Organisation and communities are prompted by issues concerning intellectual property (IP) to underwrite information, which is inherently fraught with difficulties of discerning ownership and quantifying qualitative business variables. Against that backdrop, we enquire on the mechanisms underpinning value dissipation and value appropriation of biomedical research outcomes to make proposition on the organisational antecedence to innovation. It is a preamble study with the view to developing a meso-level framework to describe mechanisms of value appropriation of upstream biomedical (non-invasive) research at Public Research Organisation. Its underpinning is largely based on the availability appropriability regimes and viability of organizational governance decisions and how the choice of organizational governance form affects both the creation and appropriation of economic value

The value of using Video Narratives for research

A report of how an ESCalate small grant helped Gordon Joyes to use video to record students' research experiences

ASSESSING THE ECONOMIC VALUE OF RESEARCH

For almost half a century World War II and the Cold War provided the political and fiscal context for public investment in science and technology. The report prepared by Vannevar Bush, Science: the Endless Frontier (1945), advanced an investment rationale for federal support of scientific research. In spite of pressure from Congress and the Office of the President the scientific community has resisted the development and application of operational economic criteria for the allocation of research resources.Research and Development/Tech Change/Emerging Technologies,

The Value of Comparative Animal Research : Krogh’s Principle Facilitates Scientific Discoveries

There are no conflicts of interest to declare. This paper developed from the 2016 Early Career Impact Award from the Federation of Associations in Behavioral & Brain Sciences to TJS. TJS has received funding from The Leverhulme Trust. FJPE is in receipt of funding from the BBSRC (BB/M001555/1). The National Institutes of Health has funded RDF (NS 034950, NS093277, NIMH 087930), AGO (HD079573, IOS-1354760) and AMK (HD081959). BAA is an Arnold O. Beckman postdoctoral fellow.Peer reviewedPostprin

Philadelphia Fed forecasting surveys: their value for research

For almost 20 years, the Federal Reserve Bank of Philadelphia has conducted both the Survey of Professional Forecasters and the Livingston Survey. Both surveys of private-sector forecasters provide researchers, central bankers, news media, and the public with detailed forecasts of major macroeconomic variables. The surveys have proved helpful for people who are planning for the future, and they have also provided useful input into the decisions of policymakers at the Federal Reserve and elsewhere. In “Philadelphia Fed Forecasting Surveys: Their Value for Research,” Dean Croushore provides an overview of the survey and discusses the ways in which researchers have used the survey.Federal Reserve banks ; Economic forecasting

Economic Value of Original Non-Market Valuation Research

We describe a method to determine the net economic gain from conducting original research to estimate non-market benefits of public policy and demonstrate an application of this method. We provide a step-wise method to allow policy practitioners to make informed decisions about when there are expected net benefits to conducting or contracting for original research to estimate the benefits of a policy decision.Research and Development/Tech Change/Emerging Technologies,