The purpose of this research was to reexamine past estimates of the rates of return to food and agricultural R&D in light of the MIRR to see if a similar pattern emerges across the literature. Specific objectives included:
- Assemble a comprehensive database of estimates of the rate of return to food and agricultural R&D.
- Use the information available from past studies to estimate the MIRR when feasible.
- Compare the IRR and MIRR estimates under alternative assumptions regarding the reinvestment rate.
Rao, Xudong; Hurley, Terrance M.; Pardey, Philip G. (2012) "Recalibrating the Reported Rates of Return to Food and Agricultural R&D"