THE VALUE OF PUBLIC INFORMATION FOR MICROECONOMIC PRODUCTION DECISIONS

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.


Issue Date:
1987-12
Publication Type:
Journal Article
DOI and Other Identifiers:
Record Identifier:
https://ageconsearch.umn.edu/record/32228
PURL Identifier:
http://purl.umn.edu/32228
Published in:
Western Journal of Agricultural Economics, 12, 2
Page range:
193-197
Total Pages:
5




 Record created 2017-04-01, last modified 2019-08-26

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