A PRODUCER'S WILLINGNESS TO PAY FOR INFORMATION UNDER PRICE UNCERTAINTY: THEORY AND APPLICATION

The theory of the competitive firm under price uncertainty is used to develop a money metric of a producer's willingness to pay for additional information. For a restricted class of utility functions, empirical estimates of the money using secondary data can be derived from the firm's risk averse supply or factor demand function. The procedure is illustrated by an application to an agricultural market.


Subject(s):
Issue Date:
1984
Publication Type:
Working or Discussion Paper
PURL Identifier:
http://purl.umn.edu/14013
Total Pages:
20
Series Statement:
Staff Paper P84-16




 Record created 2017-04-01, last modified 2017-08-23

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