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Economic Considerations in Response Research

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  • J. R. Anderson
  • John L. Dillon

Abstract

The general neglect of economic considerations in response research is noted. Following the listing of several factors which influence investment in response research, a framework is developed in which knowledge of a process is viewed in terms of the expected value and variance of profits. A Bayesian scheme for incorporating additional information in posterior analysis is outlined. Worth of additional information is judged in terms of utility. The scheme is used to show how the value of obtaining additional information can be ascertained ex ante in preposterior analysis by way of a Monte-Carlo approach. Both posterior and preposterior analyses are illustrated through a soybean-fertilizer process. In this empirical example, the effects of using different experimental designs of varying size are examined.

Suggested Citation

  • J. R. Anderson & John L. Dillon, 1968. "Economic Considerations in Response Research," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 50(1), pages 130-142.
    • Handle: RePEc:oup:ajagec:v:50:y:1968:i:1:p:130-142.
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    File URL: http://hdl.handle.net/10.2307/1237876
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    Citations

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    Cited by:

    1. Mkondiwa, Maxwell Gibson, 2015. "Whither Broad or Spatially Specific Fertilizer Recommendations?," Master's Theses and Plan B Papers 237344, University of Minnesota, Department of Applied Economics.
    2. Joseph Yassour & David Zilberman & Gordon C. Rausser, 1981. "Optimal Choices among Alternative Technologies with Stochastic Yield," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 63(4), pages 718-723.
    3. Yassour, Joseph & Zilberman, David D & Rausser, Gordon C., 1980. "Option choices among alternative technologies with stochastic yield," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series qt8xq1b77m, Department of Agricultural & Resource Economics, UC Berkeley.
    4. Rausser, Gordon C. & Just, Richard E. & Zilberman, David D., 1980. "Prospects and limitations of operations research applications in agriculture and agricultural policy," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series qt96c9m77v, Department of Agricultural & Resource Economics, UC Berkeley.
    5. Jha, A. K. & Pal, Suresh & Joshi, P. K., 2004. "Efficiency of Public-Funded Crop Sciences Research in India," Agricultural Economics Research Review, Agricultural Economics Research Association (India), vol. 17(Conferenc), October.
    6. Anderson, Jock R., 1968. "A Note On Some Difficulties In Response Analysis," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 12(1), pages 1-8, June.
    7. Rafsnider, Giles T. & Skold, Melvin D. & Driscoll, Richard S., 1983. "Increases In Costs And Returns Due To Intensifying Range Forage Production Surveys: An Information Economic Analysis," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 8(1), pages 1-10, July.
    8. Anderson, Jock R., 1971. "Guidelines for Applied Agricultural Research: Designing, Reporting and Interpreting Experiments," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 39(03), pages 1-12, September.

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