| Registro completo |
| Provedor de dados: |
AgEcon
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| País: |
United States
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| Título: |
OBTAINING LOWER AND UPPER BOUNDS ON THE VALUE OF SEASONAL CLIMATE FORECASTS AS A FUNCTION OF RISK PREFERENCES
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| Autores: |
Mjelde, James W.
Cochran, Mark J.
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| Data: |
2003-12-23
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| Ano: |
1988
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| Palavras-chave: |
Risk and Uncertainty
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| Resumo: |
A methodological approach to obtain bounds on the value of information based on an inexact representation of the decision makers utility function is presented. Stochastic dominance procedures are used to derive the bounds. These bounds provide more information than the single point estimates associated with traditional decision analysis approach to valuing information, in that classes of utility functions can be considered instead of one specific utility function. Empirical results for valuing seasonal climate forecasts illustrate that the type of management strategy given by the decision makers prior knowledge interacts with the decision makers risk preferences to determine the bounds.
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| Tipo: |
Journal Article
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| Idioma: |
Inglês
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| Identificador: |
11704
http://purl.umn.edu/32118
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| Editor: |
AgEcon Search
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| Relação: |
Western Journal of Agricultural Economics>Volume 13, Number 02, December 1988
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| Formato: |
9
application/pdf
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