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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.

Suggested Citation

  • Babcock, Bruce A., 1990. "Value of Weather Information in Market Equilibrium (The)," Staff General Research Papers Archive 10592, Iowa State University, Department of Economics.
  • Handle: RePEc:isu:genres:10592
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    References listed on IDEAS

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    9. Dana L. Hoag & William E. Foster & Bruce A. Babcock, 1993. "Field-Level Measurement of Land Productivity and Program Slippage," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 75(1), pages 181-189.
    10. Love, H. Alan & Foster, William E., 1990. "Commodity Program Slippage Rates For Corn And Wheat," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 15(02), December.
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    12. Kim, Tae-Kyun & Hayes, Dermot J. & Hallam, Arne, 1992. "Technology Adoption Under Price Uncertainty," Staff General Research Papers Archive 446, Iowa State University, Department of Economics.
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    Cited by:

    1. Alberto Chong & Virgilio Galdo & Máximo Torero, 2005. "Does Privatization Deliver? Access to Telephone Services and Household Income in Poor Rural Areas Using a Quasi-Natural Experiment in Peru," Research Department Publications 4417, Inter-American Development Bank, Research Department.
    2. 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, pages 213-225.
    3. 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 49326, Agricultural and Applied Economics Association.
    4. Carriquiry, Miguel A. & Osgood, Daniel E., 2006. "Index Insurance, Production Practices, and Probabilistic Climate Forecasts," 2006 Annual meeting, July 23-26, Long Beach, CA 21463, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    5. 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 (Working Papers) 1935, Inter-American Development Bank.
    6. Lichtenberg, Erik, 2002. "Agriculture and the environment," Handbook of Agricultural Economics,in: B. L. Gardner & G. C. Rausser (ed.), Handbook of Agricultural Economics, edition 1, volume 2, chapter 23, pages 1249-1313 Elsevier.
    7. Lambert, David K., 2008. "The expected utility of genetic information in beef cattle production," Agricultural Systems, Elsevier, pages 44-52.
    8. Thompson, Nathanael M. & DeVuyst, Eric A. & Brorsen, B. Wade & Lusk, Jayson L., 2016. "Using Genetic Testing to Improve Fed Cattle Marketing Decisions," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 41(2), May.
    9. Macauley, Molly, 2006. "Ascribing Societal Benefit to Environmental Observations of the Earth from Space: The Multi-angle Imaging Spectroradiometer (MISR)," Discussion Papers dp-06-09, Resources For the Future.
    10. Ian W.H. Parry & Hilary Sigman & Margaret Walls & Roberton C. Williams III, 2005. "The Incidence of Pollution Control Policies," NBER Working Papers 11438, National Bureau of Economic Research, Inc.
    11. 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, vol. 63(02), August.
    12. 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 162521, Robert Mondavi Institute Center for Wine Economics.
    13. Poon, Kenneth & Weersink, Alfons & Deaton, Brady J., Jr., 2011. "Demand and Supply Analysis of Farm, Farmer and Farm Family Data," Working Papers 114094, Structure and Performance of Agriculture and Agri-products Industry (SPAA).
    14. Alexander E. Saak & David A. Hennessy, 2002. "Planting Decisions and Uncertain Consumer Acceptance of Genetically Modified Crop Varieties," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 84(2), pages 308-319.
    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, vol. 41(2), pages 124-133, March.
    16. Thompson, Nathanael M. & DeVuyst, Eric A. & Brorsen, B. Wade & Lusk, Jayson L., 2014. "Value of Genetic Information for Management and Selection of Feedlot Cattle," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 39(1), April.
    17. L. Zirulia, 2015. "“Should I stay or should I go?”: Weather forecasts and the economics of “short breaks”," Working Papers wp1034, Dipartimento Scienze Economiche, Universita' di Bologna.

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