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Eliciting Expert Opinion on Components of USDA Market Livestock Information

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  • Pruitt, J. Ross
  • Tonsor, Glynn T.
  • Brooks, Kathleen R.

Abstract

This paper explores the tradeoffs that agricultural economists accept for current levels of information contained in two U.S. Department of Agriculture livestock reports. Our analysis compares the components of a report to its value in improving understanding of market dynamics, expense, substitutability, and priority to be maintained. Results indicate the importance of maintaining information regarding the placement weights of cattle in feedlots as well as the inventory and weight information for market hogs.

Suggested Citation

  • Pruitt, J. Ross & Tonsor, Glynn T. & Brooks, Kathleen R., 2014. "Eliciting Expert Opinion on Components of USDA Market Livestock Information," 2014 Annual Meeting, July 27-29, 2014, Minneapolis, Minnesota 169389, Agricultural and Applied Economics Association.
    • Handle: RePEc:ags:aaea14:169389
    DOI: 10.22004/ag.econ.169389
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    References listed on IDEAS

    as
    1. Pruitt, J. Ross & Tonsor, Glynn T. & Brooks, Kathleen R. & Johnson, Rachel J., 2013. "End User Preferences for USDA Market Information," 2013 Annual Meeting, February 2-5, 2013, Orlando, Florida 143007, Southern Agricultural Economics Association.
    2. Antonovitz, Frances & Roe, Terry, 1986. "A Theoretical and Empirical Approach to the Value of Information in Risky Markets," The Review of Economics and Statistics, MIT Press, vol. 68(1), pages 105-114, February.
    3. Hayami, Yujiro & Peterson, Willis, 1972. "Social Returns to Public Information Services: Statistical Reporting of U. S. Farm Commodities," American Economic Review, American Economic Association, vol. 62(1), pages 119-130, March.
    4. Victoria Salin & Amy P. Thurow & Katherine R. Smith & Nicole Elmer, 1998. "Exploring the Market for Agricultural Economics Information: Views of Private Sector Analysts," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 20(1), pages 114-124.
    5. David F. Bradford & Harry H. Kelejian, 1978. "The Value of Information for Crop Forecasting with Bayesian Speculators: Theory and Empirical Results," Bell Journal of Economics, The RAND Corporation, vol. 9(1), pages 123-144, Spring.
    Full references (including those not matched with items on IDEAS)

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    Keywords

    Agricultural and Food Policy; Livestock Production/Industries; Marketing;
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