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Optimal Information Acquisition Under a Geostatistical Model

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  • Pautsch, Gregory R.
  • Babcock, Bruce A.
  • Breidt, F. J.

Abstract

Studies examining the value of switching to a variable rate technology (VRT) fertilizer program assume producers possess perfect soil nitrate information. In reality, producers estimate soil nitrate levels with soil sampling. The value of switching to a VRT program depends on the quality of the estimates and on how the estimates are used. Larger sample sizes, increased spatial correlation, and decreased variability improve the estimates and increase returns. Fertilizing strictly to the estimated field map fails to account for estimation risk. Returns increase if the soil sample information is used in a Bayesian fashion to update the soil nitrate beliefs in nonsampled sites.

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Bibliographic Info

Paper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 1517.

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Date of creation: 01 Jan 1999
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Publication status: Published in Journal of Agricultural and Resource Economics 1999, vol. 24 no. 2, pp. 342-366
Handle: RePEc:isu:genres:1517

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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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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.:
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  1. Babcock, Bruce A., 1992. "Effects of Uncertainty on Optimal Nitrogen Applications (The)," Staff General Research Papers, Iowa State University, Department of Economics 10588, Iowa State University, Department of Economics.
  2. Hennessy, David A. & Babcock, Bruce A., 1998. "Information, Flexibility, and Value Added," Staff General Research Papers, Iowa State University, Department of Economics 1362, Iowa State University, Department of Economics.
  3. Lence, Sergio H. & Hayes, Dermot J., 1994. "Empirical Minimum-Variance Hedge (The)," Staff General Research Papers, Iowa State University, Department of Economics 11565, Iowa State University, Department of Economics.
  4. Lence, Sergio H. & Hayes, Dermot J., 1995. "Land Allocation in the Presence of Estimation Risk," Staff General Research Papers, Iowa State University, Department of Economics 995, Iowa State University, Department of Economics.
  5. 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.
  6. Babcock, Bruce A. & Carriquiry, Alicia L. & Stern, Hal S., 1996. "Evaluation of Soil Test Information in Agricultural Decision-Making," Staff General Research Papers, Iowa State University, Department of Economics 1139, Iowa State University, Department of Economics.
  7. Babcock, Bruce A. & Blackmer, A. M., 1992. "Value of Reducing Temporal Input Nonuniformities (The)," Staff General Research Papers, Iowa State University, Department of Economics 10587, Iowa State University, Department of Economics.
  8. Klein, Roger W, et al, 1978. "Decisions with Estimation Uncertainty," Econometrica, Econometric Society, Econometric Society, vol. 46(6), pages 1363-87, November.
  9. 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, Iowa State University, Department of Economics 1121, Iowa State University, Department of Economics.
  10. Swinton, Scott M. & Jones, Kezelee Q., 1998. "From Data To Information: The Value Of Sampling Vs. Sensing Soil Data," Staff Papers, Michigan State University, Department of Agricultural, Food, and Resource Economics 11674, Michigan State University, Department of Agricultural, Food, and Resource Economics.
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Cited by:
  1. 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, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) 21779, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  2. Tembo, Gelson & Brorsen, B. Wade & Epplin, Francis M., 2003. "Linear Response Stochastic Plateau Functions," 2003 Annual Meeting, February 1-5, 2003, Mobile, Alabama, Southern Agricultural Economics Association 35217, Southern Agricultural Economics Association.
  3. 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, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) 20726, 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, Western Agricultural Economics Association, vol. 27(01), July.
  5. 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, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) 21046, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

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