A THEORETICAL AND EMPIRICAL APPROACH TO THE VALUE OF INFORMATION IN RISKY MARKETS

Frances Antonovitz and Terry Roe

No 13467, Staff Papers from University of Minnesota, Department of Applied Economics

Abstract: The theory of the competitive firm under price uncertainty is used to develop a money metric of a producer's willingness to pay for additional information. This concept is extended to the market by formulating ex-ante and ex-post measures of the value of a rational expectations forecast. The empirical feasibility of these measures are demonstrated by application to a simple two equation model of an agricultural market.

Keywords: Marketing (search for similar items in EconPapers)
Pages: 31
Date: 1984
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Citations: View citations in EconPapers (2)

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Related works:
Journal Article: A Theoretical and Empirical Approach to the Value of Information in Risky Markets (1986)
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Persistent link: https://EconPapers.repec.org/RePEc:ags:umaesp:13467

DOI: 10.22004/ag.econ.13467

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