THE VALUE OF ENSO INFORMATION TO AGRICULTURE: CONSIDERATION OF EVENT STRENGTH AND TRADE

The agricultural value of El Nino-Southern Oscillation (ENSO) phase knowledge is measured in a value-of-information framework using economic models. We examine the value of considering the full distribution of ENSO phase strength effects as opposed to average ENSO phase strength effects, as well as the implications of considering ENSO impacts on the rest of the world (ROW). A stochastic U.S. agricultural sector model linked with a global trade model is used to assess the value of ENSO phase information. When the full distribution of ENSO phase strength is considered, the value of phase information increases twofold with respect to the average ENSO effects.


Subject(s):
Issue Date:
2000-12
Publication Type:
Journal Article
PURL Identifier:
http://purl.umn.edu/30887
Published in:
Journal of Agricultural and Resource Economics, Volume 25, Number 2
Page range:
368-385
Total Pages:
18




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

Fulltext:
Download fulltext
PDF

Rate this document:

Rate this document:
1
2
3
 
(Not yet reviewed)