Donald R. Kaldor

Evaluation and Planning of Research in the Experiment Station

F research is viewed as a social investment, the criterion for selecting specific research investment is the greatest social return possible for total investment funds available. The criterion is implemented by estimating the expected rate of return for resources to be used in each alternative and selecting enough of those research investment alternatives with the most favorable benefits relative to costs to utilize the available budget. But difficulties are encountered (1) in getting acceptance of the view that research is a social investment, (2) in specifying the substance of social return, (3) in estimating the expected rate of social return, and (4) in implementing the resulting research investment plan.