THE VALUE OF PUBLIC INFORMATION FOR MICROECONOMIC PRODUCTION DECISIONS

Paul Preckel (), Edna T. Loehman and Michael S. Kaylen

Western Journal of Agricultural Economics, 1987, vol. 12, issue 2, 5

Abstract: 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.

Keywords: Crop; Production/Industries (search for similar items in EconPapers)
Date: 1987
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Persistent link: https://EconPapers.repec.org/RePEc:ags:wjagec:32228

DOI: 10.22004/ag.econ.32228

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