Economic Impact and Value of the Robert M. Kerr Food and Agricultural Products Center

Abstract

The purpose of this study is to determine the total economic impact created in the state of Oklahoma by the clients of the Robert M. Kerr Food and Agricultural Products Center and to determine how much of that impact is attributed to the center through the use of a survey and IMPLAN multipliers. Also, this study determines the willingness-to-pay value of four different services provided by the center through the use of a contingent valuation survey.The clients of the Robert M. Kerr Food and Agricultural Products Center employ over 8,800 employees and have about $1.9 billion in annual sales for the year of 2006. The total economic impact of these firms have on the state of Oklahoma are over 52,000 employees and over $6.3 billion in annual sales for the year of 2006. Using a logistic regression model it was calculated that the entrepreneurial workshop was on average valued at $286.97, the laboratory services were on average valued at $582.97 per day the service was used, the on-site technical assistance was valued at $654.34 per day the service was used, and the technical services were valued at $527.31 per day they utilized the service.