Theoretical and empirical approaches to quantitatively valuing research

Abstract

This article provides historical narratives describing approaches to studying, managing, and quantitatively valuing research; methods used by industry, particularly the pharmaceutical industry and approaches taken by economists, including government economists using the Leontief Input–Output framework. The article documents the persistent belief that research expenditures generate future economic value along with the equally persistent frustrations of attempting to measure such value, particularly for basic research. The article then discusses the results of applying the Leontief method to Association of University Technology Manager (AUTM) data. Strengths and weaknesses of these approaches are noted. Additional studies and calls for data capture are suggested and the potential benefits of such efforts are described.