Increasing demands on public funds have led to calls from governments and industry for greater accountability in research expenditures and hence a need for a systematic evaluation of the benefits from research.

The underlying rationale for government involve­ment in supporting fisheries research and develop­ment has been the presence of 'market failure' in research investment. That is, because individuals or private companies may not be able to gain most of the benefits of a successful research outcome, they will underinvest in research and development relative to the level that would maximise the net benefits to society.

A major objective in this study is to demonstrate the types and possible magnitudes of economic benefits that have been generated from selected research projects funded by the Fisheries Research and Development Corporation ( or its predecessor the Fishing Industry Research and Development Council) over the past decade.

Another objective is to provide feedback on the process of evaluating the benefits and costs of fish­eries research and development after the findings of the research have been implemented.