What is the Value of Agricultural Economics Research?

David Schimmelpfennig () and George Norton

American Journal of Agricultural Economics, 2003, vol. 85, issue 1, 81-94

Abstract: The output of agricultural economics research is information, much of it aimed at designing or improving institutions. Bayesian decision theory and economic surplus analysis have been suggested as possible approaches to evaluate that information. This article takes a critical look at the strengths and weaknesses of combining those approaches for empirical evaluation of agricultural economics research. It presents three case studies, utilizing prior and posterior probabilities elicited from key decision makers. Direct application of the probabilities to a simple set of states and actions is best suited to situations involving a single policy-making center, or a consensus decision-making process. Copyright 2003, Oxford University Press.

Date: 2003
References: Add references at CitEc
Citations: View citations in EconPapers (13)

Downloads: (external link)
http://hdl.handle.net/10.1111/1467-8276.00104 (application/pdf)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:oup:ajagec:v:85:y:2003:i:1:p:81-94

Access Statistics for this article

American Journal of Agricultural Economics is currently edited by Madhu Khanna, Brian E. Roe, James Vercammen and JunJie Wu

More articles in American Journal of Agricultural Economics from Agricultural and Applied Economics Association Contact information at EDIRC.
Bibliographic data for series maintained by Oxford University Press ().