Valuing Farm Financial Information



provided by Research Papers in Economics


Valuing Farm Financial Information

Dana M. Marcellino and Christine A. Wilson*

Selected Paper prepared for presentation at the American Agricultural Economics Association
Annual Meeting, Long Beach, California, July 23-26, 2006

Copyright 2006 by Dana M. Marcellino and Christine A. Wilson. All rights reserved. Readers
may make verbatim copies of this document for non-commercial purposes by any means,
provided that this copyright notice appears on all such copies.

Abstract

Despite the merits of good farm record keeping, little is known about the value farmers place on
their farm financial records. This study uses a willingness-to-accept experimental second price
auction to elicit such values from farmers. Results indicate farm records are extremely valuable
and that some diversity in values is explained by the characteristics of the records and farmers.
We find that experimental auctions can be used to elicit values for extremely high-valued goods,
and we demonstrate how they can be used to value a complex good comprised of many sub-
components.

Key words: experimental auction, farm financial records, willingness-to-accept.

*Dana M. Marcellino is a former M.S. student and Christine A. Wilson is an assistant professor
in the Department of Agricultural Economics, Purdue University. Contact: Christine Wilson,
Purdue University, Department of Agricultural Economics, 403 West State Street, West
Lafayette, IN 47907; Phone: (765) 494-4299; Fax: (765) 494-9176; e-mail:
[email protected].



More intriguing information

1. ARE VOLATILITY EXPECTATIONS CHARACTERIZED BY REGIME SHIFTS? EVIDENCE FROM IMPLIED VOLATILITY INDICES
2. The name is absent
3. TOMOGRAPHIC IMAGE RECONSTRUCTION OF FAN-BEAM PROJECTIONS WITH EQUIDISTANT DETECTORS USING PARTIALLY CONNECTED NEURAL NETWORKS
4. The name is absent
5. The name is absent
6. The name is absent
7. IMMIGRATION POLICY AND THE AGRICULTURAL LABOR MARKET: THE EFFECT ON JOB DURATION
8. Word Sense Disambiguation by Web Mining for Word Co-occurrence Probabilities
9. Social Cohesion as a Real-life Phenomenon: Exploring the Validity of the Universalist and Particularist Perspectives
10. Auction Design without Commitment
11. Beyond Networks? A brief response to ‘Which networks matter in education governance?’
12. Campanile Orchestra
13. Partner Selection Criteria in Strategic Alliances When to Ally with Weak Partners
14. Are class size differences related to pupils’ educational progress and classroom processes? Findings from the Institute of Education Class Size Study of children aged 5-7 Years
15. Migration and Technological Change in Rural Households: Complements or Substitutes?
16. Prevalence of exclusive breastfeeding and its determinants in first 6 months of life: A prospective study
17. On s-additive robust representation of convex risk measures for unbounded financial positions in the presence of uncertainty about the market model
18. Elicited bid functions in (a)symmetric first-price auctions
19. Menarchial Age of Secondary School Girls in Urban and Rural Areas of Rivers State, Nigeria
20. Poverty transition through targeted programme: the case of Bangladesh Poultry Model