eprintid: 321
rev_number: 19
eprint_status: archive
userid: 7
dir: disk0/00/00/03/21
datestamp: 2011-05-31 16:18:14
lastmod: 2015-05-29 19:56:34
status_changed: 2011-05-31 16:18:14
type: report
metadata_visibility: show
item_issues_count: 0
creators_name: Jakub, Lengiewicz
creators_name: Krzysztof, Turek
creators_name: Jacek, Lewkowicz
creators_name: Poul, Hjorth
creators_name: Agnieszka, Kaszkowiak
creators_name: Anna, Kortyka
creators_name: Mariusz, Marczewski
creators_name: John, Ockendon
creators_name: Wojciech, Okrasinski
creators_name: Zbigniew, Peradzynski
creators_name: Piotr, Wojdyllo
creators_name: Karolina, Wojtasik
creators_name: Maciej, Zmuda
corp_creators: Information Processing Centre
title: Models and measures to evaluate the effectiveness of funds utilization for scientific research and development of advanced technologies
ispublished: pub
subjects: other
subjects: finance
subjects: social
studygroups: esgi77
full_text_status: public
abstract: The purpose of this report was to construct some alternative methods to estimate the effectiveness of investments in scientific research and development of advanced technologies, especially their long-term effects.

The Study Group decided to focus on the sub-problem of finding the relation between the spending on science and the quality of science itself. As a result, we have developed two independent methodologies. The most promising one is based on the theory of time-delay systems, which allows capturing effects of the time-lag between the use of funds and the results related to scientific work. Moreover, the methodology gives an opportunity to seek the optimal spending scenario that would fulfill some prescribed constraints (e.g. it would minimize costs and at the same time remain above a desired level of quality of science).

The second methodology is premised on Stochastic Frontier Analysis and it can be applied to determine the form of relation between the amount of financing and the results of scientific work. It offers considerable advantages for analyses of several forms of relation at once (production functions) and for a suitable choice of the best one.

Both methods are promising, however, additional work is necessary to apply them successfully to some real-life problems.
date: 2011
citation:   Jakub, Lengiewicz and Krzysztof, Turek and Jacek, Lewkowicz and Poul, Hjorth and Agnieszka, Kaszkowiak and Anna, Kortyka and Mariusz, Marczewski and John, Ockendon and Wojciech, Okrasinski and Zbigniew, Peradzynski and Piotr, Wojdyllo and Karolina, Wojtasik and Maciej, Zmuda  (2011) Models and measures to evaluate the effectiveness of funds utilization for scientific research and development of advanced technologies.  [Study Group Report]     
document_url: http://miis.maths.ox.ac.uk/miis/321/1/ESGI77_SCIENCE_report.pdf