원예부문 연구 및 지도 사업의 투자효과 분석

Returns to Investment on Research and Extension in Korean Horticulture

The objectives of this study are to investigate the relationship between the growth of the horticultural sector and horticultural research and extension and to examine the socioeconomic returns to investment on research and extension in Korean horticulture. Data for horticultural production values, producer price indices and research and extension budgets for horticultural sector from 1965 to 1998 are collected from various sources. Multi-variate time series analysis technique with vector auto-regression model and Akino-Hayami Formula were employed for the analysis. This study finds (1) horticultural production responds about seven years later to the horticultural research investment shock. the magnitude of the impacts increases to a peak in seventeen years from the initial expenditures and then declines slowly thereafter until twenty years. and this peak gives a tip that horticultural research impact lasts much longer than grain's or agriculture's: (2) the social surplus from research investment benefits more to the consumer rather than to the horticultural producer: (3) B/C ratios in horticultural research are quite high with the range of 9 to 55 from 1965 to 1998. but these have been decreased since the early 1990s: (4) the socioeconomic returns to horticultural research is quite high with 56 percents of internal rate of return. It remains to be analyzed returns to investment on extension in horticulture because of no statistic significance in this study.