Market Distortions and Benefits from Research

Abstract

Abstract The benefits from cost‐reducing research and their distribution under a range of price policies are compared with those that would arise in the absence of the policies. While any price policy affects the distribution of research benefits, the net national or world benefits may be reduced, lef unchanged, or increased, depending on the nature of the policy and the significance of the country in the world market for the commodity. Some implications for decisions on price policies and for distortions in incentives for the allocation of resources to research are raised.

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