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The Value Of Public Information For Microeconomic Production Decisions


  • Preckel, Paul V.
  • Loehman, Edna T.
  • Kaylen, Michael S.


Procedures are needed to evaluate the benefits of the provision of information. This paper shows how to apply a money metric definition of the value of information for this purpose. The application is to microeconomic input choices for agricultural production, and the information to be valued concerns the effect of fertilization on sorghum yield. In this paper application both output price and output level are stochastic, and the probability distribution of output is affected by the chosen level of fertilizer.

Suggested Citation

  • Preckel, Paul V. & Loehman, Edna T. & Kaylen, Michael S., 1987. "The Value Of Public Information For Microeconomic Production Decisions," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 12(02), December.
  • Handle: RePEc:ags:wjagec:32228

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    Cited by:

    1. Feinerman, Eli, 1994. "Value of information on crop response function to soil salinity in a farm-level optimization model," Agricultural Economics of Agricultural Economists, International Association of Agricultural Economists, vol. 10(3), May.

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