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Value of Weather Information in Market Equilibrium (The)

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  • Babcock, Bruce A.

Abstract

Examines how the value of weather information is changed with improvements in the accuracy of forecasts when farmers act noncooperatively. Description of a stylized model of competitive production with rational expectations; Effects of increase in forecast accuracy; Changes in the value of information; Changes in input use; Changes in expected supply.

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Bibliographic Info

Paper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 10592.

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Date of creation: 01 Jan 1990
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Publication status: Published in American Journal of Agricultural Economics, January 1990, vol. 72 no. 1, pp. 63-72
Handle: RePEc:isu:genres:10592

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Postal: Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070
Phone: +1 515.294.6741
Fax: +1 515.294.0221
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Web page: http://www.econ.iastate.edu
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Cited by:
  1. Macauley, Molly, 2005. "The Value of Information: A Background Paper on Measuring the Contribution of Space-Derived Earth Science Data to National Resource Management," Discussion Papers, Resources For the Future dp-05-26, Resources For the Future.
  2. Saak, Alexander E. & Hennessy, David A., 2001. "Planting Decisions And Uncertain Consumer Acceptance Of Genetically Modified Crop Varieties," 2001 Annual meeting, August 5-8, Chicago, IL, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) 20581, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  3. Mjelde, J. W. & Hill, H. S. J., 1999. "The effect of the use of improved climate forecasts on variable costs, input usage, and production," Agricultural Systems, Elsevier, Elsevier, vol. 60(3), pages 213-225, June.
  4. Poon, Kenneth & Weersink, Alfons & Deaton, Brady J., Jr., 2011. "Demand and Supply Analysis of Farm, Farmer and Farm Family Data," Working Papers, Structure and Performance of Agriculture and Agri-products Industry (SPAA) 114094, Structure and Performance of Agriculture and Agri-products Industry (SPAA).
  5. Lichtenberg, Erik, 2000. "Agriculture And The Environment," Working Papers, University of Maryland, Department of Agricultural and Resource Economics 28567, University of Maryland, Department of Agricultural and Resource Economics.
  6. Carriquiry, Miguel A. & Osgood, Daniel E., 2006. "Index Insurance, Production Practices, and Probabilistic Climate Forecasts," 2006 Annual meeting, July 23-26, Long Beach, CA, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) 21463, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  7. repec:ags:jlaare:168264 is not listed on IDEAS
  8. Alberto Chong & Virgilio Galdo & Máximo Torero, 2005. "¿Cumple la privatización lo que promete? El acceso a los servicios telefónicos y el ingreso familiar en zonas rurales pobres empleando un experimento cuasinatural en Perú," Research Department Publications, Inter-American Development Bank, Research Department 4418, Inter-American Development Bank, Research Department.
  9. Macauley, Molly, 2006. "Ascribing Societal Benefit to Environmental Observations of the Earth from Space: The Multi-angle Imaging Spectroradiometer (MISR)," Discussion Papers, Resources For the Future dp-06-09, Resources For the Future.
  10. Lybbert, Travis J. & Magnan, Nicholas & Gubler, W. Douglas, 2012. "Multi-Dimensional Responses to Risk Information: How do Winegrape Growers Respond to Disease Forecasts and to What Environmental Effect?," Working Papers, Robert Mondavi Institute Center for Wine Economics 162521, Robert Mondavi Institute Center for Wine Economics.
  11. Velandia, Margarita M. & Lambert, Dayton M. & Jenkins, Amanda & Roberts, Roland K. & Larson, James A. & English, Burton C. & Martin, Steven W., 2009. "Factors Influencing Selection of Information Sources by Cotton Producers Considering Adoption of Precision Agriculture Technologies," 2009 Annual Meeting, July 26-28, 2009, Milwaukee, Wisconsin, Agricultural and Applied Economics Association 49326, Agricultural and Applied Economics Association.
  12. Lambert, David K., 2008. "The expected utility of genetic information in beef cattle production," Agricultural Systems, Elsevier, Elsevier, vol. 99(1), pages 44-52, December.
  13. Virgilio Galdo & Máximo Torero & Alberto E. Chong, 2005. "Does Privatization Deliver?: Access to Telephone Services and Household Income in Poor Rural Areas Using a Quasi-Natural Experiment in Peru," IDB Publications 6833, Inter-American Development Bank.
  14. Pluske, Johanna M. & Fraser, Rob W., 1995. "Can Producers Place Valid and Reliable Valuations on Wool Price-Risk Information?," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, Australian Agricultural and Resource Economics Society, vol. 63(02), August.
  15. Anbarci, Nejat & Boyd III, John & Floehr, Eric & Lee, Jungmin & Song, Joon Jin, 2011. "Population and income sensitivity of private and public weather forecasting," Regional Science and Urban Economics, Elsevier, Elsevier, vol. 41(2), pages 124-133, March.

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