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The Value Of Soil Water And Weather Information In Increasing Irrigation Efficiency

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  • Bosch, Darrell
  • Eidman, Vernon
Abstract
Different levels of soil water and weather information are compared to a situation of very limited information. Generalized stochastic dominance is used to generate a value for each level of information for decisionmakers whose coefficients of absolute risk aversion fall within predetermined bounds. Information is found to have a positive value which is subject to diminishing returns and which varies by level of risk aversion.
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  • Bosch, Darrell & Eidman, Vernon, 1985. "The Value Of Soil Water And Weather Information In Increasing Irrigation Efficiency," Regional Research Projects > 1985: S-180 Annual Meeting, March 24-27, 1985, Charleston, South Carolina 271806, Regional Research Projects > S-180: An Economic Analysis of Risk Management Strategies for Agricultural Production Firms.
    • Handle: RePEc:ags:rrsr85:271806
    DOI: 10.22004/ag.econ.271806
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    1. Alchian, Armen A & Demsetz, Harold, 1972. "Production , Information Costs, and Economic Organization," American Economic Review, American Economic Association, vol. 62(5), pages 777-795, December.
    2. Byerlee, Derek R. & Anderson, Jock R., 1982. "Risk, Utility and the Value of Information in Farmer Decision Making," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 50(03), pages 1-16, December.
    3. Sanford J. Grossman & Richard E. Kihlstrom & Leonard J. Mirman, 1977. "A Bayesian Approach to the Production of Information and Learning By Doing," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 44(3), pages 533-547.
    4. Meyer, Jack, 1977. "Choice among distributions," Journal of Economic Theory, Elsevier, vol. 14(2), pages 326-336, April.
    5. Harris, Thomas R. & Mapp, Harry P., Jr., 1980. "A Control Theory Approach To Optimal Irrigation Scheduling In The Oklahoma Panhandle," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 12(1), pages 1-7, July.
    6. Dudek, Daniel J. & Horner, Gerald L. & English, Marshall J., 1981. "The Derived Demand For Irrigation Scheduling Services," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 6(2), pages 1-12, December.
    7. King, Robert P., 1979. "Operational Techniques for Applied Decision Analysis Under Uncertainty," AAEA Fellows - Dissertations and Theses, Agricultural and Applied Economics Association, number 181951, December.
    8. Boggess, W. G. & Lynne, G. D. & Jones, J. W. & Swaney, D. P., 1983. "Risk-Return Assessment of Irrigation Decisions in Humid Regions," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 15(1), pages 135-143, July.
    9. Oscar R. Burt & M. S. Stauber, 1971. "Economic Analysis of Irrigation in Subhumid Climate," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 53(1), pages 33-46.
    10. Luis R. Zavaleta & Ronald D. Lacewell & C. Robert Taylor, 1980. "Open-Loop Stochastic Control of Grain Sorghum Irrigation Levels and Timing," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 62(4), pages 785-792.
    11. Boggess, William G. & Lynne, Gary D. & Jones, James W. & Swaney, D.P., 1983. "Risk-Return Assessment Of Irrigation Decisions In Humid Regions," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 15(1), pages 1-9, July.
    12. E. C. Pasour & J. Bruce Bullock, 1975. "Implications of Uncertainty for the Measurement of Efficiency," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 57(2), pages 335-339.
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    Cited by:

    1. Musser, Wesley, 1986. "Capital Budgeting Analysis Of Uncertainty In Irrigation Investments," Regional Research Projects > 1986: S-180 Annual Meeting, March 23-26, 1986, Tampa, Florida 272003, Regional Research Projects > S-180: An Economic Analysis of Risk Management Strategies for Agricultural Production Firms.
    2. Lindner, Robert K., 1987. "Toward A Framework For Evaluating Agricultural Economics Research," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 31(2), pages 1-17, August.
    3. Lindner, Bob, 1987. "Toward A Framework for Evaluating Agricultural Economics Research," Discussion Papers 315419, University of Western Australia, School of Agricultural and Resource Economics.
    4. Bosch, Darrell J. & Eidman, Vernon R., 1988. "The Effects Of Better Information And Pumping Restrictions On Irrigation Efficiency In Minnesota," Economic Reports 13021, University of Minnesota, Department of Applied Economics.
    5. Cochran, Mark J., 1986. "Stochastic Dominance: The State Of The Art In Agricultural Economics," Regional Research Projects > 1986: S-180 Annual Meeting, March 23-26, 1986, Tampa, Florida 271995, Regional Research Projects > S-180: An Economic Analysis of Risk Management Strategies for Agricultural Production Firms.

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