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The Value of “Almost†Perfect Weather Information to the Australian Tertiary Sector

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  • Robert E. Marks

    (Australian Graduate School of Management, University of New South Wales. The author would like to thank Christopher Adam and Howard Thomas for their time and suggestions, Andrew Horsley for his research assistance, I. Tennenbaum for his assistance, and two anonymous referees. This paper is a revised version of a paper presented at the Joint Summer Conference on the Value of Meteorological Services, Melbourne, February 1979, and published in the Proceedings [RMSAB/ESANZ/AAES (1980)].)

Abstract

This paper is an attempt to determine the extent to which Australian tertiary sector organisations stand to gain from improved weather forecasts. An upper limit to this amount must be the sum of the maximum savings afforded by weather forecasts sufficiently accurate (“almost†perfect) to result in weather-error-free decisions for each organisation. The paper presents the results of a survey of tertiary sector organisations undertaken to determine the amount of these potential savings. The paper discusses operational improvements to increase the usefulneww of forecasts, and also discusses the structure of the weather forecasting industry in general.

Suggested Citation

  • Robert E. Marks, 1980. "The Value of “Almost†Perfect Weather Information to the Australian Tertiary Sector," Australian Journal of Management, Australian School of Business, vol. 5(1-2), pages 67-85, April.
    • Handle: RePEc:sae:ausman:v:5:y:1980:i:1-2:p:67-85
    DOI: 10.1177/031289628000500204
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    References listed on IDEAS

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    1. Howe, Charles W & Cochrane, Harold C, 1976. "A Decision Model for Adjusting to Natural Hazard Events with Application to Urban Snow Storms," The Review of Economics and Statistics, MIT Press, vol. 58(1), pages 50-58, February.
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    Cited by:

    1. Byerlee, Derek R. & Anderson, Jock R., 1982. "Risk, Utility and the Value of Information in Farmer Decision Making," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 50(03), pages 1-16, December.
    2. Kwabena Asomanin Anaman & Ruth Quaye & Bernice Owusu-Brown, 2017. "Benefits of Aviation Weather Services: A Review of International Literature," Research in World Economy, Research in World Economy, Sciedu Press, vol. 8(1), pages 45-58, June.

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