Persistent underinvestment in public agricultural research
提出理论解释公共农业研究资金长期不足的原因：资助机构对研究价值变化的反应过于缓慢，导致实际资金始终低于最优水平。
It is often argued that public support of agricultural research is inadequate. However, the empirical papers that support this hypothesis rarely reflect formal behavioral theory capable of explaining this phenomenon. This paper presents a theory that explains underfunding, namely, that funding agencies respond too slowly to secular changes in the value of research. A model of farmer and funding agency behavior is presented, and shown to imply that actual research funding will be consistently smaller than optimal funding. The assumptions and results of the model are explained in terms of the institutional literature on public agricultural research agencies.