Description : A proposal for using cost-benefit analysis to evaluate the socioeconomic impact of public investment in large scientific projects. Large particle accelerators, outer space probes, genomics platforms: all are scientific enterprises managed through the new form of the research infrastructure, in which communities of scientists collaborate across nations, universities, research institutions, and disciplines. Such large projects are often publicly funded, with no accepted way to measure the benefits to society of these investments. In this book, Massimo Florio suggests the use of cost-benefit analysis (CBA) to evaluate the socioeconomic impact of public investment in large and costly scientific projects. The core concept of CBA of any infrastructure is to undertake the consistent intertemporal accounting of social welfare effects using the available information. Florio develops a simple framework for such accounting in the research infrastructure context and then offers a systematic analysis of the benefits in terms of the social agents involved. He measures the benefits to scientists, students, and postdoctoral researchers; the effect on firms of knowledge spillovers; the benefits to users of information technology and science-based innovation; the welfare effects on the general public of cultural services provided by RIs; and the willingness of taxpayers to fund scientific knowledge creation. Finally, Florio shows how these costs and benefits can be expressed in the form of stochastic net present value and other summary indicators.
Description : Over the past decade, software companies have increasingly monopolized the flow of venture capital, starving support for scientific research and its transformative discoveries. New medicines, cheaper and faster personal computers, and other life-changing developments all stem from investment in science. In the past, these funds led to steam engines, light bulbs, microprocessors, 3D printers, and even the Internet. In Venture Investing in Science, the venture capitalist Douglas W. Jamison and the investment author Stephen R. Waite directly link financial support to revolutionary advancements in physics, computers, chemistry, and biology and make a passionate case for continued investing in science to meet the global challenges of our time. Clean air and water, cures for intractable diseases, greener public transportation, cheaper and faster communication technologies—these are some of the rich opportunities awaiting venture capital investment today. Jamison and Waite focus on how early-stage companies specializing in commercializing transformative technologies based on deep science have been shunned by venture capitalists, and how the development of such companies have been hampered by structural changes in capital markets and government regulation over the past decade. The authors argue that reinvigorating science-based technological innovation is crucial to reactivating the economic dynamism that lifts living standards and fuels prosperity over time.
Description : This book provides an analysis of funding for agricultural research in the United States and presents a proposal to strengthen this system. Its premise is that a judicious but substantial increase in research funding through competitive grants is the best way to sustain and strengthen the U.S. agricultural, food, and environmental system. The proposal calls for an increased public investment in research; a broadened scientific scope and expanded program areas of research; and four categories of competitively awarded grants, with an emphasis on multidisciplinary research.
Description : Following the 2007–09 financial crisis, mainstream finance theory was criticized for failing to forecast the market crash, which resulted in large losses for investors. Has our finance theory, which many consider an idealization that does not take reality into account, failed investors? Do we need to reconsider the theory and how it is taught (and practiced)? This book explores current critiques of mainstream theory and discusses implications for the curricula of finance programs as well as for practitioners. In so doing, the authors integrate a review of the literature supported by conversations with finance professors, asset managers, and other market players.
Description : The federal government plays the predominant role in supporting research and development (R&D) and in establishing public policies that affect science and technology (S&T) in the United States. However, the federal government is no longer the sole focus of R&D funding and S&T policy making. State and local policy makers are unquestionably making more and more decisions that affect all of us on a daily basis. With this shift, states have also assumed an increasing responsibility for developing, formalizing, and institutionalizing policies and programs that support R&D and enable S&T evidence and expertise to be incorporated into policy making. These issues were explored during a first-of-its-kind National Convocation organized by the National Academy of Sciences, the National Academy of Engineering, and the Institute of Medicine in collaboration with the National Association of Academies of Science and the California Council on Science and Technology. Scientists, engineers, state policy makers, experts from state regulatory agencies, representatives from foundations, and experts in scientific communication from 20 states and the District of Columbia participated in this event. This report highlights the major themes from the Convocation that emerged from the presentations and from the rich discussions that occurred in both plenary and breakout sessions.