A PRODUCER'S WILLINGNESS TO PAY FOR INFORMATION UNDER PRICE UNCERTAINTY: THEORY AND APPLICATION

Terry Roe and Frances Antonovitz

No 14013, 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. For a restricted class of utility functions, empirical estimates of the money using secondary data can be derived from the firm's risk averse supply or factor demand function. The procedure is illustrated by an application to an agricultural market.

Keywords: Marketing (search for similar items in EconPapers)
Pages: 20
Date: 1984
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:ags:umaesp:14013

DOI: 10.22004/ag.econ.14013

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