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Putting an economic value on increases in grass production
Author(s) -
DOYLE C. J.,
ELLIOTT J. G.
Publication year - 1983
Publication title -
grass and forage science
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.716
H-Index - 56
eISSN - 1365-2494
pISSN - 0142-5242
DOI - 10.1111/j.1365-2494.1983.tb01635.x
Subject(s) - production (economics) , value (mathematics) , investment (military) , economics , agronomy , mathematics , biology , statistics , microeconomics , politics , political science , law
An attempt was made to determine monetary values for grass which might be used by researchers to assess the likely economic implications of their findings. It is shown that the value of extra grass production will vary considerably depending on the use made of it. At 1982 price levels, estimated values for grass in the field ranged from 1–4 to 10–6 pence kg −1 DM, with a modal value around 3–5 pence kg −1 DM. At the same time, the seasonal distribution of the extra grass production is important since the value of extra grass at different points in the growing season may vary markedly. The way in which these values for grass may be used is illustrated, using as an example weed control during sward establishment. Finally, the sensitivity of investment returns to changes in the value placed on grass is discussed. Extreme caution is necessary in drawing general conclusions about benefits and costs from an evaluation based on a specific value for grass.