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Adm. Sci. 2016, 6(4), 13; doi:10.3390/admsci6040013

Farmer-Entrepreneurs, Agricultural Innovation, and Explosive Research and Development Cycles

1
College of Liberal Arts, The University of Texas at El Paso, Kelly Hall 418, El Paso, TX 79968, USA
2
Turner College of Business, Columbus State University, 4225 University Ave, Columbus, GA 31907, USA
*
Author to whom correspondence should be addressed.
Academic Editor: Fernando Muñoz-Bullón
Received: 10 May 2016 / Revised: 24 August 2016 / Accepted: 20 September 2016 / Published: 28 September 2016
(This article belongs to the Special Issue Innovation and Entrepreneurship)
View Full-Text   |   Download PDF [240 KB, uploaded 28 September 2016]

Abstract

Private sector research and development (R&D) in food processing has seen a growing share of agricultural R&D. This paper analyzes market and technological links between farmer-entrepreneurs and food processing firms. It is shown that processing sector R&D tends to display explosive cycles. To avoid explosive cycles, the processing sector sets the R&D growth path and its target. Dynamic adjustments are related to the shadow price of R&D and farm output price. In equilibrium, the effects of increases in technological innovations (e.g., at the farm level, in public agricultural research, from entrepreneurial talent, in processing sector R&D, and in the price of final goods) on agricultural price and output are positive. The patent race does not affect steady-state agricultural price and output, nor processing sector R&D; it only reduces the opportunity cost of R&D. View Full-Text
Keywords: agricultural innovations; research and development cycles agricultural innovations; research and development cycles
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. (CC BY 4.0).

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MDPI and ACS Style

Faria, J.R.; Mixon, F.G. Farmer-Entrepreneurs, Agricultural Innovation, and Explosive Research and Development Cycles. Adm. Sci. 2016, 6, 13.

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