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Value Of Predictors Of Uncontrolled Factors In Response Functions

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  • Derek R. Byerlee
  • Jock R. Anderson

Abstract

A method is developed for assessing the monetary value of additional information in the framework of a response process which involves interaction between controlled and uncontrolled factors. The method is illustrated through an analysis of the value of a rainfall predictor in determining optimal applications of nitrogen to wheat in an environment with variable rainfall. The analysis defines the conditions under which the predictor is most valuable and suggests types of predictors which may be of greater value.
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Suggested Citation

  • Derek R. Byerlee & Jock R. Anderson, 1969. "Value Of Predictors Of Uncontrolled Factors In Response Functions," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 13(2), pages 118-127, December.
    • Handle: RePEc:bla:ajarec:v:13:y:1969:i:2:p:118-127
    DOI: j.1467-8489.1969.tb00060.x
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    References listed on IDEAS

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    1. R. R. Officer & A. N. Halter, 1968. "Utility Analysis in a Practical Setting," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 50(2), pages 257-277.
    2. Flinn, John C. & Musgrave, Warren F., 1967. "Development And Analysis Of Input-Output Relations For Irrigation Water," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 11(01), pages 1-19, June.
    3. Anderson, Jock R., 1967. "Economic Interpretation of Fertilizer Response Data," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 35(01), pages 1-15, March.
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    Cited by:

    1. Mkondiwa, Maxwell Gibson, 2015. "Whither Broad or Spatially Specific Fertilizer Recommendations?," Master's Theses and Plan B Papers 237344, University of Minnesota, Department of Applied Economics.
    2. Anderson, Jock R., 1979. "Impacts of Climatic Variability in Australian Agriculture: A Review," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 47(03), pages 1-31, December.
    3. Antonovitz, Frances, 1991. "Market -Level Measures Of The Value Of Weather Information: Conceptual And Empirical Considerations," 1991 Annual Meeting, August 4-7, Manhattan, Kansas 271191, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    4. Anderson, Jock R., 2006. "Drought: Economic Consequences and Policies for Mitigation Global Overview," 2006 Annual Meeting, August 12-18, 2006, Queensland, Australia 25347, International Association of Agricultural Economists.
    5. Byerlee, Derek R. & Anderson, Jock R., 1982. "Risk, Utility and the Value of Information in Farmer Decision Making," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 50(03), pages 1-16, December.
    6. Anderson, Jock R., 1997. "Policy and Management Work within International Agricultural Research," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 41(4), pages 1-19.
    7. Mark W. Rosegrant & James A. Roumasset, 1985. "The Effect Of Fertiliser On Risk: A Heteroscedastic Production Function With Measurable Stochastic Inputs," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 29(2), pages 107-121, August.
    8. Freebairn, John W., 1978. "An Evaluation of Outlook Information for Australian Agricultural Commodities," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 46(03), pages 1-21, December.
    9. Thompson, Troy N. & Knight, Thomas O. & Boren, Billy D., 1990. "Estimating The Value Of The 0/92 Reduced Planting Alternatives Of The 1985 Farm Bill For Farm Program Paticipants," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 22(2), pages 1-11, December.
    10. Anderson, Jock R., 1971. "Guidelines for Applied Agricultural Research: Designing, Reporting and Interpreting Experiments," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 39(03), pages 1-12, September.

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