University of Illinois Urbana-Champaign

The Socioeconomic Value of Climate and Weather Forecasting : a Review

Mjelde, James W.; Sonka, Steven T.; Peel, Derrell S.

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https://hdl.handle.net/2142/48967

Description

Title
The Socioeconomic Value of Climate and Weather Forecasting : a Review
Author(s)
  • Mjelde, James W.
  • Sonka, Steven T.
  • Peel, Derrell S.
Issue Date
1989
Keyword(s)
  • socioeconomic value
  • Weather Forecasting
Abstract
This paper examines the complex nature of the process of economically valuing climate/weather forecasts. A discussion of both micro- (producer) and sector (market) economic issues is obtained through a review of previous studies. Integration of these issues is necessary to obtain the overall value of current or improved climate/weather forecasts. Previous studies have predominantly been concerned with valuing climate/weather forecasts at the producer level. By considering only producer level effects, the estimates of the value of climate/weather forecasts ignore market adjustments. Potential biases caused by ignoring these adjustments are illustrated.
Publisher
Illinois State Water Survey
Series/Report Name or Number
ISWS Miscellaneous Publication MP-112
Type of Resource
text
Permalink
http://hdl.handle.net/2142/48967
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Owning Collections

Miscellaneous Publications - Illinois State Water Survey PRIMARY
Monographic series published by the Illinois State Water Survey, 1955-date