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Government Institutional Effects on the Value of Seasonal Climate Forecasts

Author

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  • James W. Mjelde
  • Troy N. Thompson
  • Clair J. Nixon

Abstract

The impact of government institutions on the value of improved climate forecasts is examined. Results suggest that crop insurance and earned income tax credit have little effect on the expected change in after-tax cash flows. Federal tax law has only a modest influence. As expected, the disaster program decreases the value of improved climate forecasts. With no price changes, the farm program lowers the value of the forecasts because of the acreage reduction provisions. With at least some price decreases, the farm program increases the value of climate forecasts. Here, the price supports override the acreage reduction provisions. Copyright 1996, Oxford University Press.

Suggested Citation

  • James W. Mjelde & Troy N. Thompson & Clair J. Nixon, 1996. "Government Institutional Effects on the Value of Seasonal Climate Forecasts," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 78(1), pages 175-188.
    • Handle: RePEc:oup:ajagec:v:78:y:1996:i:1:p:175-188
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    Citations

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    Cited by:

    1. Hansen, James W., 2002. "Realizing the potential benefits of climate prediction to agriculture: issues, approaches, challenges," Agricultural Systems, Elsevier, vol. 74(3), pages 309-330, December.
    2. Carriquiry, Miguel A. & Osgood, Daniel E., 2006. "Index Insurance, Production Practices, and Probabilistic Climate Forecasts," 2006 Annual meeting, July 23-26, Long Beach, CA 21463, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    3. Jesse B. Tack & David Ubilava, 2015. "Climate and agricultural risk: measuring the effect of ENSO on U.S. crop insurance," Agricultural Economics, International Association of Agricultural Economists, vol. 46(2), pages 245-257, March.
    4. Wernstedt, Kris & Hersh, Robert, 2001. "When ENSO Reigns, It Pours: Climate Forecasts in Flood Planning," Discussion Papers 10603, Resources for the Future.
    5. Rebecca Darbyshire & Jason Crean & Michael Cashen & Muhuddin Rajin Anwar & Kim M Broadfoot & Marja Simpson & David H Cobon & Christa Pudmenzky & Louis Kouadio & Shreevatsa Kodur, 2020. "Insights into the value of seasonal climate forecasts to agriculture," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 64(4), pages 1034-1058, October.
    6. Marshall, Graham R. & Parton, Kevin A. & Hammer, G.L., 1996. "Risk Attitude, Planting Conditions And The Value Of Seasonal Forecasts To A Dryland Wheat Grower," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 40(3), pages 1-23, December.
    7. Wernstedt, Kris & Hersh, Robert, 2001. "When ENSO Reigns, It Pours: Climate Forecasts in Flood Planning," RFF Working Paper Series dp-01-56-, Resources for the Future.
    8. Mjelde, J. W. & Hill, H. S. J., 1999. "The effect of the use of improved climate forecasts on variable costs, input usage, and production," Agricultural Systems, Elsevier, vol. 60(3), pages 213-225, June.
    9. Cabrera, Victor E. & Letson, David & Podesta, Guillermo, 2007. "The value of climate information when farm programs matter," Agricultural Systems, Elsevier, vol. 93(1-3), pages 25-42, March.
    10. Messina, C. D. & Hansen, J. W. & Hall, A. J., 1999. "Land allocation conditioned on El Nino-Southern Oscillation phases in the Pampas of Argentina," Agricultural Systems, Elsevier, vol. 60(3), pages 197-212, June.

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