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| Loehman, Edna T.. |
| Nonmarket goods include quality aspects of market goods and public goods which may be substitutes or complements for private goods. Traditional methods of measuring benefits of exogenous changes in nonmarket goods are based on Marshallian demand: change in spending on market goods or change in consumer surplus. More recently, willingness to pay and accept have been used as welfare measures . This paper defines the relationships among alternative measures of welfare for perfect substitutes, imperfect substitutes, and complements. Examples are given to demonstrate how to obtain exact measures from systems of market good demand equations . |
| Tipo: Working or Discussion Paper |
Palavras-chave: Agribusiness; Marketing. |
| Ano: 1991 |
URL: http://purl.umn.edu/115913 |
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| Loehman, Edna T.; Nelson, Carl H.. |
| For production risk with identified physical causes, the nature of risk, production characteristics, risk preference, and prices determine optimal input use. Here, a two-way classification for pairs of inputs each input as being risk increasing or decreasing and pairs as being risk substitutes or complements provides sufficient conditions to determine how risk aversion should affect input use. Unlike the Sandmo price risk averse firm may produce more expected output and use more inputs than a risk neutral firm. Sufficient conditions to determine types for pairs of inputs are also related to properties of the production function. |
| Tipo: Journal Article |
Palavras-chave: Production Economics; Risk and Uncertainty. |
| Ano: 1992 |
URL: http://purl.umn.edu/30950 |
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| Preckel, Paul V.; Loehman, Edna T.; Kaylen, Michael S.. |
| 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. |
| Tipo: Journal Article |
Palavras-chave: Crop Production/Industries. |
| Ano: 1987 |
URL: http://purl.umn.edu/32228 |
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