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Optimal Information Acquisition under a Geostatistical Model

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Abstract

Develops a framework for incorporating estimation risk into a decision model to determine the optimal amount of soil test information when applying nitrogen fertilizer using a variable rate technology (VRT). Producers should acknowledge that the soil nitrate mapping is a collection of estimates and does not provide information at non-sampled sites. Switching from single rate technology to VTR is more plausible for fields with greatest soil nitrate variability.

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File URL: http://www.card.iastate.edu/publications/DBS/PDFFiles/99wp217.pdf
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File URL: http://www.card.iastate.edu/publications/synopsis.aspx?id=253
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Bibliographic Info

Paper provided by Center for Agricultural and Rural Development (CARD) at Iowa State University in its series Center for Agricultural and Rural Development (CARD) Publications with number 99-wp217.

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Date of creation: Apr 1999
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Handle: RePEc:ias:cpaper:99-wp217

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Web page: http://www.card.iastate.edu/
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  1. Babcock, Bruce A. & Pautsch, Gregory R., 1998. "Moving from Uniform to Variable Fertilizer Rates on Iowa Corn: Effects on Rates and Returns," Staff General Research Papers 1121, Iowa State University, Department of Economics.
  2. Lence, Sergio H. & Hayes, Dermot J., 1994. "Empirical Minimum-Variance Hedge (The)," Staff General Research Papers 11565, Iowa State University, Department of Economics.
  3. Bruce A. Babcock & Alicia L. Carriquiry & Hal S. Stern, 1996. "Evaluation of Soil Test Information in Agricultural Decision Making, An," Center for Agricultural and Rural Development (CARD) Publications 96-wp147, Center for Agricultural and Rural Development (CARD) at Iowa State University.
  4. Lence, Sergio H. & Hayes, Dermot J., 1995. "Land Allocation in the Presence of Estimation Risk," Staff General Research Papers 995, Iowa State University, Department of Economics.
  5. Babcock, Bruce A. & Blackmer, A. M., 1992. "Value of Reducing Temporal Input Nonuniformities (The)," Staff General Research Papers 10587, Iowa State University, Department of Economics.
  6. Hennessy, David A. & Babcock, Bruce A., 1998. "Information, Flexibility, and Value Added," Staff General Research Papers 1362, Iowa State University, Department of Economics.
  7. Swinton, Scott M. & Jones, Kezelee Q., 1998. "From Data To Information: The Value Of Sampling Vs. Sensing Soil Data," Staff Papers 11674, Michigan State University, Department of Agricultural, Food, and Resource Economics.
  8. Babcock, Bruce A. & Carriquiry, Alicia L. & Stern, Hal S., 1996. "Evaluation of Soil Test Information in Agricultural Decision-Making," Staff General Research Papers 1139, Iowa State University, Department of Economics.
  9. Babcock, Bruce A., 1992. "Effects of Uncertainty on Optimal Nitrogen Applications (The)," Staff General Research Papers 10588, Iowa State University, Department of Economics.
  10. Klein, Roger W, et al, 1978. "Decisions with Estimation Uncertainty," Econometrica, Econometric Society, vol. 46(6), pages 1363-87, November.
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Cited by:
  1. Hurley, Terrance M. & Kilian, Bernard & Malzer, Gary L. & Dikici, Huseyin, 2001. "The Value Of Information For Variable Rate Nitrogen Applications: A Comparison Of Soil Test, Topographical, And Remote Sensing Information," 2001 Annual meeting, August 5-8, Chicago, IL 20726, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  2. Rejesus, Roderick M. & Nelson, Carl H., 2000. "Determinants Of The Value Of Site-Specific Information (Ssi) In Agriculture: A Unifying Theory To Analyze Its Relative Impacts," 2000 Annual meeting, July 30-August 2, Tampa, FL 21779, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  3. Biermacher, Jon T. & Epplin, Francis M. & Brorsen, B. Wade & Solie, John B. & Raun, Bill, 2006. "Precision Nitrogen Fertilization Technology with Micro Grids," 2006 Annual meeting, July 23-26, Long Beach, CA 21046, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  4. Isik, Murat & Khanna, Madhu, 2002. "Variable-Rate Nitrogen Application Under Uncertainty: Implications For Profitability And Nitrogen Use," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 27(01), July.
  5. Tembo, Gelson & Brorsen, B. Wade & Epplin, Francis M., 2003. "Linear Response Stochastic Plateau Functions," 2003 Annual Meeting, February 1-5, 2003, Mobile, Alabama 35217, Southern Agricultural Economics Association.

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