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.Marketing,

A MEASURE OF THE VALUE OF INFORMATION FOR THE COMPETITIVE FIRM UNDER PRICE UNCERTAINTY

This paper addresses the problem of measuring the value of information to an agent in an environment where the agent is risk averse and choices are base on the utility of income and personal beliefs about the likelihood of uncertain outcomesRisk and Uncertainty,

A THEORETICAL AND EMPIRICAL APPROACH TO THE VALUE OF INFORMATION IN RISKY MARKETS

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. This concept is extended to the market by formulating ex-ante and ex-post measures of the value of a rational expectations forecast. The empirical feasibility of these measures are demonstrated by application to a simple two equation model of an agricultural market.Marketing,

VERTICAL INTEGRATION INCENTIVES IN MEAT PRODUCT MARKETS

Industrial Organization, Livestock Production/Industries,

The Impact of Addiction Information On Cigarette Consumption

Although per capita cigarette consumption in,the U.S. increased rapidly;until about \u27 1960, the last four, decades have experienced a, steady-decline in smoking. of this decline has been attributed to the increasing evidence of health hazards associated with smoking. As early as 1953, the American Cancer Society and the,British Medical,Research Council reported.that smoking caused increased mortality rates. By 1964, the Surgeon General had linked smoking to cancer. In the ensuing 15 ye^s, health warnings were \u27 required to be printed on cigarette packs, and tobacco advertising was limited and eventually banned from broadcast media. ,\u27 Although major tobacco firms. Iqiew that cigarettes were • addictive by the early 1960s, theydid not release this information to .the public (Glantz, et al. 1995). It was not until 1979 that the Surgeon-.General conclusively stated that^igarettes were addictive. 3y-1986 the Surgeon General reported that cigarette smoking-was the leading preventable cause of premature death and disability in the U.S; During this same time frame, increasing excise taxes\u27were working in combination with the health warmngs to .diminish aggregate smoking level

MARKET -LEVEL MEASURES OF THE VALUE OF WEATHER INFORMATION: CONCEPTUAL AND EMPIRICAL CONSIDERATIONS

Assuming risk-neutral producers with rational expectations, ex-ante market-level measures of the value of weather information to both consumers and producers are derived. Methods to obtain empirical estimates of these ex-ante measures from observed data are derived and discussed

The Impact of Addiction Information On Cigarette Consumption

Although per capita cigarette consumption in,the U.S. increased rapidly;until about ' 1960, the last four, decades have experienced a, steady-decline in smoking. of this decline has been attributed to the increasing evidence of health hazards associated with smoking. As early as 1953, the American Cancer Society and the,British Medical,Research Council reported.that smoking caused increased mortality rates. By 1964, the Surgeon General had linked smoking to cancer. In the ensuing 15 ye^s, health warnings were ' required to be printed on cigarette packs, and tobacco advertising was limited and eventually banned from broadcast media. ,' Although major tobacco firms. Iqiew that cigarettes were • addictive by the early 1960s, theydid not release this information to .the public (Glantz, et al. 1995). It was not until 1979 that the Surgeon-.General conclusively stated that^igarettes were addictive. 3y-1986 the Surgeon General reported that cigarette smoking-was the leading preventable cause of premature death and disability in the U.S; During this same time frame, increasing excise taxes'were working in combination with the health warmngs to .diminish aggregate smoking levels</p