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A Producer'S Willingness To Pay For Information Under Price Uncertainty: Theory And Application

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  • Roe, Terry L.
  • Antonovitz, Frances

Abstract

The theory of the competitive firm under price uncertainty is used to develop a money metric of a producer's willingness to pay for additional information. For a restricted class of utility functions, empirical estimates of the money using secondary data can be derived from the firm's risk averse supply or factor demand function. The procedure is illustrated by an application to an agricultural market.

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File URL: http://purl.umn.edu/14013
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Paper provided by University of Minnesota, Department of Applied Economics in its series Staff Papers with number 14013.

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Date of creation: 1984
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Handle: RePEc:ags:umaesp:14013

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Keywords: Marketing;

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  1. Pope, Rulon D, 1980. "The Generalized Envelope Theorem and Price Uncertainty," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 21(1), pages 75-86, February.
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