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Economic value of outlook and research information: A test from Southern Alberta
Author(s) -
Klein K. K.,
Kramer F.
Publication year - 1990
Publication title -
agribusiness
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.57
H-Index - 43
eISSN - 1520-6297
pISSN - 0742-4477
DOI - 10.1002/1520-6297(199011)6:6<603::aid-agr2720060607>3.0.co;2-l
Subject(s) - value (mathematics) , test (biology) , value of information , economics , actuarial science , business , operations research , agricultural economics , marketing , statistics , engineering , mathematics , paleontology , mathematical economics , biology
The financial value of outlook and research information was tested in a simulated decision‐making environment. Established farmers and farm‐management students were asked to make farm‐management decisions with and without selected outlook and research information. The decisions were made on a computerized case farm which was then simulated under conditions of actual prices, yields, costs, and quotas for unidentified years. Results showed a small, but positive, financial value of information.