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Valuing Farm Financial Information

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Author Info
Marcellino, Dana M.
Wilson, Christine A.
Abstract

Despite the merits of good farm record keeping, little is known about the value farmers place on their farm financial records. This study uses a willingness-to-accept experimental second price auction to elicit such values from farmers. Results indicate farm records are extremely valuable and that some diversity in values is explained by the characteristics of the records and farmers. We find that experimental auctions can be used to elicit values for extremely high-valued goods, and we demonstrate how they can be used to value a complex good comprised of many sub-components.

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File URL: http://purl.umn.edu/21243
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Paper provided by American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) in its series 2006 Annual meeting, July 23-26, Long Beach, CA with number 21243.

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Date of creation: 2006
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Handle: RePEc:ags:aaea06:21243

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Keywords: Farm Management;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. List, John A & Shogren, Jason F, 1998. "The Deadweight Loss of Christmas: Comment," American Economic Review, American Economic Association, vol. 88(5), pages 1350-55, December. [Downloadable!] (restricted)
  2. Roosen, Jutta & Fox, John A. & Hennessy, David A. & Schreiber, Alan, 1998. "Consumers' Valuation Of Insecticide Use Restrictions: An Application To Apples," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 23(02), December. [Downloadable!]
  3. Lusk, Jayson L., 2003. "Using Experimental Auctions for Marketing Applications: A Discussion," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 35(02), August. [Downloadable!]
  4. Jayson L. Lusk & Darren Hudson, 2004. "Willingness-to-Pay Estimates and Their Relevance to Agribusiness Decision Making," Review of Agricultural Economics, American Agricultural Economics Association, vol. 26(2), pages 152-169, 06. [Downloadable!] (restricted)
  5. Fox, John A. & Shogren, Jason F. & Hayes, Dermot J. & Kliebenstein, James B., 1999. "CVM-X: Calibrating Contingent Values with Experimental Auction Markets," Staff General Research Papers 1311, Iowa State University, Department of Economics.
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  6. Shogren, J. F. & Fox, J. A. & Hayes, Dermot & Kliebenstein, James, 2003. "Bid Sensitivity in the Structure of the Vickrey Auction," Staff General Research Papers 10616, Iowa State University, Department of Economics.
  7. Ford, Stephen A. & Shonkwiler, J.S., 1994. "The Effect Of Managerial Ability On Farm Financial Success," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 23(2), October. [Downloadable!]
  8. Jayson L. Lusk & Ty Feldkamp & Ted C. Schroeder, 2004. "Experimental Auction Procedure: Impact on Valuation of Quality Differentiated Goods," American Journal of Agricultural Economics, American Agricultural Economics Association, vol. 86(2), pages 389-405, 05. [Downloadable!] (restricted)
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  9. Cook, Philip J & Graham, Daniel A, 1977. "The Demand for Insurance and Protection: The Case of Irreplaceable Commodities," The Quarterly Journal of Economics, MIT Press, vol. 91(1), pages 143-56, February. [Downloadable!] (restricted)
  10. Lusk, Jayson L. & Daniel, M. Scott & Mark, Darrell R. & Lusk, Christine L., 2000. "Alternative Calibration And Auction Institutions For Predicting Consumer Willingness-To-Pay For Non-Genetically Modified Corn Chips," 2000 Annual Meeting, June 29-July 1, 2000, Vancouver, British Columbia 36424, Western Agricultural Economics Association. [Downloadable!]
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  11. Jayson L. Lusk & Jutta Roosen & John A. Fox, 2003. "Demand for Beef from Cattle Administered Growth Hormones or Fed Genetically Modified Corn: A Comparison of Consumers in France, Germany, the United Kingdom, and the United States," American Journal of Agricultural Economics, American Agricultural Economics Association, vol. 85(1), pages 16-29, 02. [Downloadable!] (restricted)
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  12. Huffman, Wallace & Shogren, J. E. & Rousu, M. & Tegene, A., 2005. "Consumer Willingness to Pay for Genetically Modified Food Labels in a Market with Diverse Information: Evidence from Experimental Auctions," Staff General Research Papers 12256, Iowa State University, Department of Economics.
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