Investment decisions in research and development (R&D) are important to the success of organizations, especially for public research. This paper evaluates an R&D project (seed breeding) using the traditional method, the Net Present Value, and the more contemporaneous technique of real options. Economic Surplus Theory and Monte Carlo simulations are used to estimate social benefits. The results indicate that the real-options approach is a useful tool for assessing R&D public projects.

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Evaluation of Economic and Social Impacts of  R&D:Outcomes from Public Agricultural Research in BrazilGraciela Luzia Vedovoto RESUMEN La evaluación de los impactos de las innovaciones tecnológicas representa una medida valiosa para justificar inversiones en I+D. Este trabajo presenta una revisión sistemática de los impactos socioeconómicos de 37 centros públicos de investigación brasileños. La metodología consistió en el uso de estadística descriptiva y de la técnica de datos tipo panel probando modelos de paneles estáticos y dinámicos. Los resultados de 10 años de análisis (1150 informes) indicaron correlaciones positivas y diferencias entre las medias de los beneficios según el tipo de centro que genera las tecnologías. Palabras clave: cambio tecnológico, adopción de tecnologías, I+D, instituciones y economía. ABSTRACT The evaluation of the impact of technological innovations is a valuable mean to justify investment in R&D. This work presents a systematic review of the socio-economic impact of 37 Brazilian public research centres. The methodology for this research included the use of descriptive statistics as well as static and dynamic panel data models. The results from 10 years of analysis (1,150 reports) show positive correlations and differences in the average benefits depending on the type of centre. Keywords: technological change; technology adoption; R&D; institutions and economics