Supply and Demand Functions for Multiproduct U.S. Cash Grain Farms: Biases Caused by Research and Other Policies

Abstract

Abstract This study presents new estimates of supply and demand elasticities for U.S. multiproduct cash grain farms and estimates of input and output bias effects caused by public and private crop research, extension, and farmers' schooling. The study also shows that the social rate of return to public crop research is large—about 62 percent.