Use of benefit-cost analysis for economic comparison of agricultural resear
ch projects remains confounded, inter alia, by lack of rigour in specifying
the without-project scenario and how benefits from an innovation endure af
ter its adoption declines. Failure to account for the without-project scena
rio favours projects to the extent that more benefits are foregone than cos
ts avoided. Moreover, it is unreasonable to assume generally that aggregate
benefits from an innovation continue at the peak level until the end of a
30-40 year planning horizon. A general BCA model for agricultural research
projects is presented to enable flexible handling of these issues.