This paper estimates the 011-farm impacts of ~~d o p t i n p herbiciclc-tolerant soybcan on herbicide use, yields. and farm profits, using an econometric model that corrects for selfselection and sinii~ltarieity and is consistent with profit max~tnization. The model is cstimated ~~: , i n p nationwide Farm-level survey data for 1997. Given that the use of herbicide-tolerant soybeans in\.olves the substitution of a particular he~.hicide-priin2iriIy glyphosatc-folother herbicides, we explicitly conkider this substitution process in the model.T h e d e v e l o p~n e n t of ;~g r i c~~l t u r a I chemicals and n e w c r o p varieties offering enhanced yields and pest resistance h a s contributed t o u n p r e c e d e n t e d a g r i c u l t i i r a l p r o d u c t i v i t y growth in the U.S. during the past century.

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Efforts to improve public agricultural research efficienc include calls to increase use of competitive grants. This paper empirically assesses different instruments the USDA uses to fund state-level research. Compared with other instruments, competitive grants focus more on basic research and are concentrated among fewer states. Model results suggest that top-ranked biology and agricultural science programs were strong determinants of states' shares of competitive grants. Other significan factors were agricultural sector size and number of agricultural scientists. USDA-funded state-level research focus did not change significantl because competitive grants comprised only 15% of these funds and other instruments counteracted their influence G lobally, changes in technologies, privatization of agricultural research and the political economy of public financ have led to funding constraints for public agricultural research. At the same time, research institutions face demands to broaden their research focus and increase efficienc . Changes in funding mechanisms have been proposed as one means of increasing efficienc . In the United States, in particular, some analysts have called for less emphasis on allocating Federal funds to states on a formula basis. Instead, groups such as the National Academy of Sciences and the National Research Council have recommended greater use of competitive grants, allocated on the basis of peer review (National

This chapter explores the relationship between agricultural biotechnology and the financial characteristics of the companies conducting research studies on the development of new plant cultivars. A preliminary analysis of 15 important biotechnology firms for which data on firm characteristics, innovative activity and financial performance is available. The evaluation presented in the chapter may lead to better understanding of the factors that affect innovative behaviour, and the mergers and acquisitions that took place in this industry.

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