Journal articles: 'Farm valuation'

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White, Fred C. "Valuation of Intangible Capital in Agriculture." Journal of Agricultural and Applied Economics 27, no. 2 (December 1995): 437–45. http://dx.doi.org/10.1017/s1074070800028480.

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AbstractThis study examines the valuation of research as intangible capital in agriculture using Tobin's q theory. The market value of public research capital is estimated to be 8.6 times higher than conventional assets. Private research capital is valued 5.2 times higher than conventional assets. The estimated valuation multiplier for all farm assets dropped 1/3 over the last decade. In recent years the valuation multiplier has dropped below a dollar, which indicates the market is undervaluing farm assets.

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Kica, Piotr, and Piotr Szczypa. "Valuation of Livestock in Farms." Problemy Zarządzania - Management Issues 4/2021, no. 94 (December 30, 2021): 118–30. http://dx.doi.org/10.7172/1644-9584.94.8.

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Purpose: The aim of this article is to assess the possibility of applying the industry livestock valuation index as proposed by Karolina Pasula during the public defense of the doctoral dissertation “Directions and conditions for the standardization of accounting in agricultural enterprises” as an alternative method of valuation, taking into account sources of information and risk assessment on a farm. Methodology: The research process was divided into three main stages: (1) examining the possibility of applying the industry indicator for measuring biological assets proposed by K. Pasula for the valuation of livestock, i.e. pigs, as exemplified by a selected farm whose undertakings are known to the authors; (2) repeating the study from stage 1 on the valuation of dairy cattle as exemplified by the farm the activities of which are known to the authors; (3) on the basis of the conclusions of stage 1 and stage 2 studies, possible modification of the industry indicator for measuring biological assets, conducting research on a larger group of farms breeding livestock. Findings & value added: The conducted research confirmed the possibility of applying the analyzed ratio in the practice of entities that do not keep accounting books. The obtained results are characterized by high cognitive value as a measure of biological assets in relation to pigs. The valuation based on the industry measurement index in farms takes into account the risk which, as shown in the research, is an important factor influencing the value from the valuation.

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Baum, Rafał, and Magdalena Kozera-Kowalska. "VALUE OF AGRICULTURAL EXTERNALITIES ON THE EXAMPLE OF AN AGRITOURISM FARM." Annals of the Polish Association of Agricultural and Agribusiness Economists XXI, no. 3 (June 20, 2019): 11–20. http://dx.doi.org/10.5604/01.3001.0013.2165.

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EU agricultural and agrienvironmental policies design is to improve the provision of environmental public goods and positive externalities (or to reduce negative externalities). In turn, the comprehensive identification and analysis of agricultural external economies involve a need for developing a dedicated valuation methodology. The aim of the article is to review methods of valuation of farm agritourism and an attempt to evaluate the farm’s agrotourism value (based on a case study). Considerations were based on a study of scientific literature and own research. The study focuses on presenting valuation methods for external economies, and proposes a methodology for the valuation of some illustrative positive externalities of agricultural production and of natural environmental resources regarded as public goods. The novelty of the analysis concerns its approach - a transition from theoretical considerations to the operationalization of the problem – the article presents a sample of valuation of the agri-tourism value of a farm, defined as the value of a specific location resulting from the natural beauty of the landscape and leisure services produced by environmental assets. Research (surveys among tourists) was carried out in the selected farm located, in a small village by the Baltic Sea, on the outskirts of a National Park. Analysis of the results indicate that landscape features associated with agricultural activities positively influence the demand for rural tourism. The value estimated by the Travel Cost Method (TCM) amounted to PLN 3,767,325 (approx. EUR 876 thousand). The amount shows the importance of externalities generated by the farm.

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Živělová, I. "Possible approaches to the valuation of a firm." Agricultural Economics (Zemědělská ekonomika) 50, No. 5 (February 24, 2012): 204–6. http://dx.doi.org/10.17221/5190-agricecon.

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Measurement of business performance by using the value of a firm represents a modern tool of financial management. The paper deals with this problem and discusses basic methodological approaches to the determination of farm’s value, especially by means of methods based on the estimation of future revenues.

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Meier, Claudia, and Bernadette Oehen. "Consumers’ Valuation of Farmers’ Varieties for Food System Diversity." Sustainability 11, no. 24 (December 12, 2019): 7134. http://dx.doi.org/10.3390/su11247134.

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To increase the diversity in the food system from seed to fork, participatory on-farm breeding schemes have been proposed. For participatory on-farm breeding schemes to be successful, consumers need to be willing to compensate farmers for their efforts in breeding and in diversifying their cultivation. Using vegetables as an example, we investigated whether consumers of four selected European countries liked the idea of having farmers breed their own varieties and whether they would be willing to pay a premium for farmers’ as compared to standard varieties in a supermarket setting. The data was collected in an online survey and a willingness to pay was elicited using a contingent valuation approach. After providing respondents with information about the problem (diversity loss), solution (on-farm breeding), and the benefits of farmers’ varieties, consumers’ acceptance was very high and consumers were willing to pay a small premium. Our findings suggest that farmers’ varieties can be appealing to a wide range of consumers if the appropriate information is provided, as they not only address the increasing demand for more sustainable products but also for more food diversity and tasty products. To our knowledge, this is the first study to examine consumer preferences for farmers’ varieties for food system diversity.

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Константинович, А. В., and И. А. Суходолов. "Valuation growing cocktail-type cucumber hybrids in a vertical farm." Kartofel` i ovoshi, no. 12 (December 7, 2021): 26–29. http://dx.doi.org/10.25630/pav.2021.97.59.005.

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На сегодняшний день главные искусственные источники освещения растений – натриевые лампы высокого давления. Однако в 2021 году уже во многих тепличных комбинатах РФ и других стран мира активно используют светодиодные лампы с различными спектральными режимами в основном в качестве досвечивания. Анализ научных работ показал, что практически отсутствуют достоверные данные по выращиванию основных тепличных культур в условиях использования только светодиодов без естественного освещения. Это не дает полной объективной картины эффективности использования светодиодных ламп. Цель исследований: определить эффективность применения светодиодных ламп при выращивании коктейльных гибридов огурца при повышенной густоте посадки в условиях вертикальной фермы. Исследования проводили в летне-осеннем и весенне-летнем оборотах в 2020–2021 годах на территории УНПЦ «Овощная опытная станция имени В.И. Эдельштейна» РГАУ – МСХА имени К.А. Тимирязева в стеклянных теплицах без досвечивания и ООО «Вертикальные фермы» в закрытом помещении без доступа солнечного света (Москва). Объект исследования – гибриды огурца F1 Ларино, F1 Кватрино, F1 Квирк. В теплице выращивали огурец по малообъемной технологии, в качестве субстрата использовали верховой торф. Для облучения растений применяли светодиодные модули производства ООО «Вертикальные фермы» (30 Вт, 50×7,2 см, в рабочем режиме 2,8–2,9 мкМоль/Дж), которые располагались на расстоянии 0,4 м от растений. Облучали растения по 16 часов в сутки. Установлено, что выращивание растений огурца в вертикальных фермах с использованием полноспектральных светодиодных облучателей и густоты посадки 11,4 раст/м2способствует увеличению общей урожайности огурца в сравнении с остекленной теплицей. При выращивании огурца в условиях вертикальной фермы в плодах огурца накапливалось меньшее количество нитратов (102–105 мг/кг), отмечено более высокое количество содержания сахаров (1,90–1,98%) и сухого вещества (6,21–6,28%) по сравнению с плодами, полученными при выращивании в теплице. Перспективно дальнейшее изучение выращивания культуры огурца в вертикальных фермах с использованием светодиодов. Today, the main artificial sources of plant illumination are high pressure sodium lamps. However, in 2021, many greenhouse plants of the Russian Federation and other countries of the world are actively using LED lamps with various spectral modes mainly as additional illumination. The analysis of scientific papers has shown that there is practically no reliable data on the cultivation of the main greenhouse crops in conditions of using only LEDs without natural lighting. This does not give a complete objective picture of the efficiency of using LED lamps. The purpose of the research: to determine the effectiveness of the use of LED lamps in the cultivation of cucumber cocktail hybrids with increased planting density in a vertical farm. The research was carried out in summer-autumn and spring-summer turns in 2020–2021 on the territory of the V.I. Edelstein Vegetable Experimental Station of the K.A. Timiryazev Russian State Agricultural Academy in glass greenhouses without additional illumination and Vertical Farms LLC indoors without access to sunlight (Moscow). The object of research: cucumber hybrids F1 Larino, F1 Kvatrino, F1Kvirk. Cucumber was grown in the greenhouse using low-volume technology, riding peat was used as a substrate. For irradiation of plants, LED modules manufactured by Vertical Farms LLC (30 W, 50×7.2 cm, in operating mode 2.8–2.9 mmol/J) were used, which were located at a distance of 0.4 m from the plants. Plants were irradiated for 16 hours a day. It was found that the cultivation of cucumber plants in vertical farms using full-spectrum LED irradiators and a planting density of 11.4 rast/m2 contributes to an increase in the total yield of cucumber in comparison with a glazed greenhouse. When growing cucumbers in a vertical farm, fewer nitrates (102–105 mg/kg) accumulated in cucumber fruits, a higher amount of sugar content (1.90–1.98%) and dry matter (6.21–6.28%) were noted compared to fruits obtained when grown in a greenhouse. It is promising to further study the cultivation of cucumber culture in vertical farms using LEDs.

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McWilliam, Michael K., Mikkel Friis-Møller, Nicolò Pollini, Katherine Dykes, and Morten Jensen. "A surrogate model of offshore wind farm support structures for wind farm design and financial valuation." Journal of Physics: Conference Series 2265, no. 4 (May 1, 2022): 042048. http://dx.doi.org/10.1088/1742-6596/2265/4/042048.

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Abstract In the preliminary phases of offshore wind farm development, very little information on project design are available for supporting financial valuation and site design. In this work, we develop a surrogate model for offshore wind support structure mass for input to techno-economic analysis that is based on a small set of input parameters. Using reference turbines and a broad set of met-ocean conditions, a large design spaced is developed from which a sampling of conditions is used to estimate the dimensions and mass of monopile support structures. The results are parameterized using statistical methods to create a functional model of costs relative to high-level site and technical inputs. To preserve the transparency of the model input-output relationships, a statistical surrogate model is used based on quadratic functions of the inputs. Overall, the rated power and rotor diameter of the turbine has the greatest influence on the mass, followed by the specific power. The water depth was the next most important environmental parameter, followed by wave period. The full surrogate model captures 98.5% of the variance of the monopile mass as a function of the above inputs. We present results related to monopile foundations, but the methodology is flexible and can be applied also in the case of other types of support structures.

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Khan, Mohammad Asif. "Valuation and Pricing of Surface Water Supplies in Pakistan." Pakistan Development Review 46, no. 4II (December 1, 2007): 939–55. http://dx.doi.org/10.30541/v46i4iipp.939-955.

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Pakistan has the largest contiguous, well-articulated, and comprehensive irrigation system in the world, with 3 storage reservoirs, 68 small dams, 19 diversion barrages, and 45 canal commands with 12 Link Canals for inter-basin transfer of water. About 0.1 million outlets supply water to the farmers to irrigate land besides more than 600,000 tubewells. The whole irrigation network commands an area of 45 million acres (18.22 Mha) out of which 79 percent is irrigated by canals or tubewells/wells. More than half of the canal irrigated areas (58 percent) is irrigated perennially and 42 percent nonperennially [NWSR (2002)]. The average annual flow of Indus River System is approximately 151.58 million acre feet (MAF) of which presently 103.81 MAF (128.1 BCM) is being diverted to irrigate farm lands [NWSR (2002)]. The present live storage capacity of the reservoirs is about 12.5 MAF (13 percent of river flows) compared with the original capacity of 15.7 MAF. The hydropower generation is constrained by seasonal inflows to reservoirs and irrigation requirements by Indus River System Authority. The generation dictated by irrigation requirements is the highest in the months of July to October. Little more than half of the diverted flows (55 percent) become available at farm gate, 42 percent infiltrate to groundwater reservoir and balance 3 percent is lost as evaporation. Of the total water that seeps down to the groundwater reservoir, including some 27 percent of farm gate supply through field seepage, nearly 85 percent is being extracted. Groundwater owing its existence to operational canal system, supplies over 40 percent of crop water requirements of the country

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Buckley, Cathal, Tom M. van Rensburg, and Stephen Hynes. "Recreational demand for farm commonage in Ireland: A contingent valuation assessment." Land Use Policy 26, no. 3 (July 2009): 846–54. http://dx.doi.org/10.1016/j.landusepol.2008.10.013.

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Koundouri, Phoebe, Yiannis Kountouris, and Kyriaki Remoundou. "Valuing a wind farm construction: A contingent valuation study in Greece." Energy Policy 37, no. 5 (May 2009): 1939–44. http://dx.doi.org/10.1016/j.enpol.2009.01.036.

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Lowenberg-DeBoer, J., and Michael D. Boehlje. "The Estate Tax Provision of the 1981 Economic Recovery Tax Act: Which Farmers Benefit?" Journal of Agricultural and Applied Economics 17, no. 2 (December 1985): 77–86. http://dx.doi.org/10.1017/s0081305200025073.

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AbstractThis analysis used simulation to compare the cost of intergenerational transfer of farm estates under the pre-1981 tax rules and the Economic Recovery Tax Act of 1981 (ERTA) provisions. ERTA reduces transfer costs for almost all the estates considered. Large estates tend to benefit more than small estates if they qualify for use valuation or if they are large enough to be affected by the reduction in tax rates. ERTA does not create new forces for change in U.S. agriculture, but it tends to strengthen the tendency toward larger farm size and favor those who already own farm resources.

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Troske, SuZanne, Stephanie Waters, James Allen, Alison Davis, and C. Jill Stowe. "Central Kentuckians’ Willingness to Pay for Horse Farm Preservation." Sustainability 11, no. 19 (September 23, 2019): 5210. http://dx.doi.org/10.3390/su11195210.

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This study estimates the non-market value of horse farms of Central Kentucky’s equine economic cluster using a contingent valuation approach. Utilizing a payment card, respondents are asked to indicate how much they would be willing to pay in additional taxes for a hypothetical “horse farm preservation program.” Results from the study showed that, on average, a Central Kentucky household was willing to pay an additional $55.14–$67.78 in taxes annually to maintain the equine industry at its current levels. The additional taxes generated would compensate for lost tax revenue from development of the land.

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Carter, Bryson R., and Marvin T. Batte. "Selecting Delivery Methods for Outreach Education Programs." Journal of Agricultural and Applied Economics 26, no. 2 (December 1994): 473–84. http://dx.doi.org/10.1017/s1074070800026390.

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AbstractFarmer perceptions of extension program delivery methods and an analysis of the relationships of method and farmer characteristics to evaluation scores are presented. Evaluation scores tend to increase with written, interactive and variable-scheduled methods and methods where users determine the agenda. Evaluations tend to be lower for high user cost and “high-tech” methods. Substantial similarity of results exists across groups of farmers differing by age, education levels, farm size and farm type. There are differences, however, in absolute valuation of the method characteristics across the groups.

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Navarro, María J., Francisco J. Gea, Arturo Pardo-Giménez, Antonio Martínez, Dubi Raz, Dan Levanon, and Offer Danay. "Agronomical valuation of a drip irrigation system in a commercial mushroom farm." Scientia Horticulturae 265 (April 2020): 109234. http://dx.doi.org/10.1016/j.scienta.2020.109234.

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Fonta, William M., Abbi M. Kedir, Aymar Y. Bossa, Karen M. Greenough, Bamba M. Sylla, and Elias T. Ayuk. "A Ricardian valuation of the impact of climate change on Nigerian cocoa production." International Journal of Climate Change Strategies and Management 10, no. 5 (November 19, 2018): 689–710. http://dx.doi.org/10.1108/ijccsm-05-2016-0074.

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Purpose The purpose of this study is to examine the relative importance of climate normals (average long-term temperature and precipitation) in explaining net farm revenue per hectare (NRh) for supplementary irrigated and rainfed cocoa farms in Nigeria. Design/methodology/approach NRh was estimated for 280 cocoa farmers sampled across seven Nigerian states. It was regressed on climate, household socio-economic characteristics and other control variables by using a Ricardian analytical framework. Marginal calculations were used to isolate the effects of climate change (CC) on cocoa farm revenues under supplementary irrigated and rainfed conditions. Future impacts of CC were simulated using Six CORDEX regional climate model (RCM) ensemble between 2036-2065 and 2071-2100. Findings Results indicate high sensitivity of NRh to Nigerian climate normals depending on whether farms use supplementary irrigation. Average annual temperature increases and precipitation decreases are associated with NRh losses for rainfed farms and gains for supplementary irrigated cocoa farms. Projections of future CC impacts suggest a wide range of NRh outcomes on supplementary irrigated and rainfed farm revenues, demonstrating the importance of irrigation as an effective adaptation strategy in Nigeria. Originality/value This paper uses novel data sets for simulating future CC impacts on land values in Nigeria. CORDEX data constitute the most comprehensive RCMs projections available for Africa.

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Ajmal, Sumara, Syed Attaullah Shah, Muhammad Ibrahim, and Zahoor ul Haq. "Farm Households’ Willingness to Pay for Forestation Based Soil Conservation Program on Communal Land in Bagh District, Kashmir." Review of Economics and Development Studies 4, no. 1 (June 1, 2018): 31–38. http://dx.doi.org/10.26710/reads.v4i1.206.

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This study investigated farmers’ willingness to pay (WTP) for a forestation based soil conservation program on communal land in district Bagh, Kashmir. Data were collected from a random sample of 180 farm households on a well structured questionnaire possessed with a contingent valuation question. Majority of the sampled farm households reported moderate to high water erosion problem and their mean annual WTP for the soil conservation program was $34. The foremost beneficiary of the program were expected to be the farm households facing high erosion, and that’s why their mean stated WTP was significantly high than others. Other important determinants of WTP were farm-size, household’s income and head’s education, farming experience, perceptions about soil erosion and contact with extension agents. The aggregate WTP for a farm household were calculated to be $214 for 10 years. This suggests that sufficient funds can be generated from local stakeholders for the implementation of the soil conservation program.

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Petway, Joy R., Yu-Pin Lin, and Rainer F. Wunderlich. "A Place-Based Approach to Agricultural Nonmaterial Intangible Cultural Ecosystem Service Values." Sustainability 12, no. 2 (January 18, 2020): 699. http://dx.doi.org/10.3390/su12020699.

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Though agricultural landscape biodiversity and ecosystem service (ES) conservation is crucial to sustainability, agricultural land is often underrepresented in ES studies, while cultural ES associated with agricultural land is often limited to aesthetic and tourism recreation value only. This study mapped 7 nonmaterial-intangible cultural ES (NICE) valuations of 34 rural farmers in western Taiwan using the Social Values for Ecosystem Services (SolVES) methodology, to show the effect of farming practices on NICE valuations. However, rather than a direct causal relationship between the environmental characteristics that underpin ES, and respondents’ ES valuations, we found that environmental data is not explanatory enough for causality within a socio-ecological production landscape where one type of land cover type (a micro mosaic of agricultural land cover) predominates. To compensate, we used a place-based approach with Google Maps data to create context-specific data to inform our assessment of NICE valuations. Based on 338 mapped points of 7 NICE valuations distributed among 6 areas within the landscape, we compared 2 groups of farmers and found that farmers’ valuations about their landscape were better understood when accounting for both the landscape’s cultural places and environmental characteristics, rather than environmental characteristics alone. Further, farmers’ experience and knowledge influenced their NICE valuations such that farm areas were found to be sources of multiple NICE benefits demonstrating that farming practices may influence ES valuation in general.

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Scrimgeour, F. G., and T. G. Shepherd. "The economics of soil structural degradation under cropping: some empirical estimates from New Zealand." Soil Research 36, no. 5 (1998): 831. http://dx.doi.org/10.1071/s96018.

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Soil structural degradation is a problem of some arable farms in New Zealand. This paper presents economic estimates of the significance of the loss of soil structure to farmers and the Manawatu region of New Zealand. Contingent valuation surveys of farmers and the wider community were used to estimate both use and non-use values. The results show the significance of compaction on both farm profits and land values, together with the lack of knowledge of the wider community concerning this problem. They reinforce the importance of careful farm practice, further scientific research, and a considered public policy response.

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Valotta Rodrigues, Rafael, Mikkel Friis-Møller, Katherine Dykes, Nicolò Pollini, and Morten Jensen. "A surrogate model of offshore wind farm annual energy production to support financial valuation." Journal of Physics: Conference Series 2265, no. 2 (May 1, 2022): 022003. http://dx.doi.org/10.1088/1742-6596/2265/2/022003.

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Abstract The preliminary financial evaluation of wind farm profitability requires fast analysis of energy production and costs while having very little specific information around the project. Early in the design process, the selection of specific wind turbines and the layout design may not yet be defined. Techno-economic and financial analysis models have been developed to use input from a small set of high-level project characteristics to estimate major cost elements and energy production for a wind farm to support quick analysis of levelized cost of energy (LCoE), or other financial metrics. Such models are typically based on prior project data and/or very simple analytical models. However, as capabilities for financial analysis of wind farms advance, so does the desire to improve the accuracy of the physical and cost modelling of the system. In this work, we develop a surrogate model of Annual Energy Production (AEP) for offshore wind farms for financial analysis applications in the early stages of development. The surrogate is developed from an parameterized engineering model and covers a large potential wind farm design space addressing different technological and site conditions. The surrogate model uncovers the underlying structure in the model in terms of input-output relationships and achieves a coefficient of determination of 0.994. The method used to develop the surrogate model can be adapted for additional dimensions of inputs as needed.

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YOSHIDA, Shingo, and Hironori YAGI. "Valuation Methods for the Business Unit of Diversification Strategy of Urban Farm Management." JOURNAL OF RURAL PLANNING ASSOCIATION 37, no. 4 (March 30, 2019): 369–75. http://dx.doi.org/10.2750/arp.37.369.

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Bennett, Richard M., and Ralph J. P. Blaney. "Estimating the benefits of farm animal welfare legislation using the contingent valuation method." Agricultural Economics 29, no. 1 (July 2003): 85–98. http://dx.doi.org/10.1111/j.1574-0862.2003.tb00149.x.

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Drucker, Adam G., Veronica Gomez, and Simon Anderson. "The economic valuation of farm animal genetic resources: a survey of available methods." Ecological Economics 36, no. 1 (January 2001): 1–18. http://dx.doi.org/10.1016/s0921-8009(00)00242-1.

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Krömer, Sarah. "Model risk regarding monthly wind energy production for the valuation of a wind farm investment." International Journal of Energy Sector Management 13, no. 4 (November 4, 2019): 862–84. http://dx.doi.org/10.1108/ijesm-10-2018-0010.

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Purpose The purpose of this paper is to assess model risk with regard to wind energy output in monthly cash flow models for the purpose of valuation and risk assessment of wind farm investments, where only a few approaches exist in the literature. Design/methodology/approach This paper focuses on the risk-return characteristics of this investment from the perspective of private and institutional investors and takes into account several risks, in particular the resource risk related to the uncertainty of the monthly wind energy produced. To this end, this paper presents different approaches for modeling monthly wind power output and assesses the impact of three selected models with different properties on the investment’s risk-return characteristics by means of a stochastic discounted cash flow model. In addition, the model considers the possibility of a joint operation of the wind farm with a pumped hydro storage system to reduce risk and improve profits. Findings The results show that the (non-)consideration of seasonality of the monthly wind energy produced considerably influences the risk-return characteristics, but that principal developments dependent on input parameters and model variables remain similar. Originality/value This paper contributes to the literature by presenting different approaches for modeling the monthly wind energy produced based on direct models of the wind energy output, which are rare in the existing literature. Further, their impact on risk-return characteristics of a wind farm investment is analyzed, and thus, related model risk is assessed.

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Glass, CA, WG Hutchinson, and VE Beattie. "Measuring the value to the public of pig welfare improvements: a contingent valuation approach." Animal Welfare 14, no. 1 (February 2005): 61–69. http://dx.doi.org/10.1017/s0962728600028931.

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AbstractThe welfare of farm animals is a policy area that has increased greatly in importance in recent years. When deciding whether a proposed policy should be implemented, it can be useful for policymakers to compare the costs of the proposed improvement with the perceived benefits. The costs are relatively straightforward to calculate but little is known about the benefits. The Contingent Valuation Method (CVM), a direct survey-based method, can be used to shed some light on this. This approach elicits the willingness-to-pay (WTP) for the provision of some public good or service. This paper reports the results of a contingent valuation study of the value of welfare improvements for growing pigs. Attitudes and opinions with regard to farm animal welfare are explored and WTP elicited for various pig welfare improvements including increases in space allowance, environmental enrichment and research into improved pig housing design. The results reveal a positive WTP for these improvements. However, it is also noteworthy that a significant proportion of the general public is willing to pay nothing for these improvements. Overall, the study illustrates the usefulness of the CVM approach as a tool for policymakers in assessing the merits of possible policy initiatives affecting the welfare of animals.

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Bennett, R. M. "People's Willingness to Pay for Farm Animal Welfare." Animal Welfare 5, no. 1 (February 1996): 3–11. http://dx.doi.org/10.1017/s0962728600018285.

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AbstractThere has been increasing policy debate about farm animal welfare over the last 5-10 years in a number of countries, particularly concerning the need for government intervention, for example by means of legislation. Assessment of farm animal welfare policy requires some evaluation of the associated relative costs and benefits involved. When considering the benefits, it is desirable not only to collate scientific evidence about the effects of policy on the welfare of animals but, also on the extent to which citizens in society want such a policy and the benefits that they perceive to result from it. This paper describes an exploratory survey which tests the application of a technique, contingent valuation, to estimate, in money terms, the benefits that people perceive to be associated with specific measures to improve farm animal welfare through eliciting their willingness to pay for welfare legislation (a case-study relating to the banning of battery cages in egg production is used). The study shows that the methodology could provide very useful information to policy makers and others interested in public perceptions and concerns about animal welfare, and public support for animal welfare policies.

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Bennett, Richard, and Douglas Larson. "CONTINGENT VALUATION OF THE PERCEIVED BENEFITS OF FARM ANIMAL WELFARE LEGISLATION: AN EXPLORATORY SURVEY." Journal of Agricultural Economics 47, no. 1-4 (January 1996): 224–35. http://dx.doi.org/10.1111/j.1477-9552.1996.tb00686.x.

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Einarsdóttir, Sigríður Rós, David Cook, and Brynhildur Davíðsdóttir. "The contingent valuation study of the wind farm Búrfellslundur - Willingness to pay for preservation." Journal of Cleaner Production 209 (February 2019): 795–802. http://dx.doi.org/10.1016/j.jclepro.2018.10.156.

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Torres, Ariana. "For Young Consumers Farm-to-fork Is Not Organic: A Cluster Analysis of University Students." HortScience 55, no. 9 (September 2020): 1475–81. http://dx.doi.org/10.21273/hortsci15228-20.

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Young consumers value healthy foods and are willing to pay for them. As young consumers transition into higher paying jobs, their influence in the food system will compound. This study used a convenient sample of university students to understand how young consumers value attributes for fresh produce. With the proliferation of food labels, this study takes a step back to identify four consumer segments with regard to their values on explicit (i.e., organic and local) and implicit (i.e., small-family farms and sustainable) attributes: committed, farm-to-fork, unattached, and skeptic. The study also investigated the impact of personal motives on cluster membership. Although committed consumers placed high value on all attributes, farm-to-fork consumers valued local, sustainable, and small-family farm systems, but did not have positive valuation toward organic. Our findings suggest increasing access to local foods and farmers market patronage is likely to increase consumers’ valuing foods with local, organic, sustainable, and small-family farms attributes.

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Du Preez, Mario, Greig Menzies, Michael Sale, and Stephen Hosking. "Measuring the indirect costs associated with the establishment of a wind farm: An application of the contingent valuation method." Journal of Energy in Southern Africa 23, no. 1 (October 5, 2017): 2–7. http://dx.doi.org/10.17159/2413-3051/2012/v23i1a3151.

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Although a green energy source, the location of electrical generating wind turbines may cause a disamenity effect (negative externality). The establishment of a wind farm is known as a locally undesirable land use (LULU) and leads to the not in my backyard syndrome (NIMBY). In an application of the contingent valuation method (a survey technique which elicits individuals’ preferences and measures these preferences in monetary terms) a willingness to accept a framework was used to estimate the aggregate annual compensation required to allow the construction of a wind farm near Jeffrey’s Bay, South Africa. This compensation amounted to R490 695. A binary choice Logit analysis found that retirement status, concern about climate change, concern about view shed impacts and the offer amount are important predictors of voting for or against the project.

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Marais, Zara E., Thomas P. Baker, Anthony P. O’Grady, Jacqueline R. England, Dugald Tinch, and Mark A. Hunt. "A Natural Capital Approach to Agroforestry Decision-Making at the Farm Scale." Forests 10, no. 11 (November 5, 2019): 980. http://dx.doi.org/10.3390/f10110980.

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Background: Agroforestry systems can improve the provision of ecosystem services at the farm scale whilst improving agricultural productivity, thereby playing an important role in the sustainable intensification of agriculture. Natural capital accounting offers a framework for demonstrating the capacity of agroforestry systems to deliver sustained private benefits to farming enterprises, but traditionally is applied at larger scales than those at which farmers make decisions. Methods: Here we review the current state of knowledge on natural capital accounting and analyse how such an approach may be effectively applied to demonstrate the farm-scale value of agroforestry assets. We also discuss the merits of applying a natural capital approach to agroforestry decision-making and present an example of a conceptual model for valuation of agroforestry assets at the farm scale. Results: Our findings suggest that with further development of conceptual models to support existing tools and frameworks, a natural capital approach could be usefully applied to improve decision-making in agroforestry at the farm scale. Using this approach to demonstrate the private benefits of agroforestry systems could also encourage adoption of agroforestry, increasing public benefits such as biodiversity conservation and climate change mitigation. However, to apply this approach, improvements must be made in our ability to predict the types and amounts of services that agroforestry assets of varying condition provide at the farm or paddock scale.

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Yotopoulos, Pan A., and Yoshimi Kuroda. "A Subjective Equilibrium Approach to the Value of Children in the Agricultural Household." Pakistan Development Review 27, no. 3 (September 1, 1988): 229–76. http://dx.doi.org/10.30541/v27i3pp.229-276.

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A Philippine sample of agricultural households is studied by I subjective equilibrium model which also accounts for the household's demographic structure. The model becomes a potent tool for integrating the economic and demographic behaviour of the household, since issues such as the value of children can be approached in a reality maximization framework and furthermore, such values call be causally rellted to the variance in measured fertility among different households (or Socioeconomic groups). For example, the low marginal productivity contribution of children in tenant (and small farm-size) households, along with the low fertility control that prevails there, has been combined In conforming the inverse fertility-endowments hypothesis, which in this instance is based on labour market failure in periods of peak agricultural labour demand. On the consumption side, on the other hand, the demand for leisure and for other commodities is consistent with the higher valuation of children, and thus higher fertility, in tenant (and small farm-size) households, as compared to owner (and large farm-size) households. The policy implications of such findings from a household equilibrium model are rich.

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DELANG, CLAUDIO O. "Economic valuation of non-marketed wild edible plants in Thailand." Environmental Conservation 32, no. 4 (December 2005): 285–87. http://dx.doi.org/10.1017/s037689290600258x.

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Tropical forests can provide forest dwellers with a sizable proportion of their dietary needs. Yet, many development and conservation organizations tend to disregard these opportunities, promoting market-oriented reforms that aim at introducing cash crops and markets for non- timber forest products (NTFPs) in the name of poverty alleviation and/or biodiversity conservation. In so doing, they help relegate wild food plants to the position of food for the poor (De Beer & McDermott 1996; Neumann & Hirsch 2000), reserve food in case of famine (Takasaki et al. 2004), or food supplementing that produced on farm plots (Ousseynou & Tieguhong 2004). This comment discusses the economic rationale for the consumption of wild edible plants by forest-dwelling communities, comparing the results obtained from two methods of evaluation. The paper is based on one month of fieldwork during December 2004 carried out by the author together with Theresa Wong and two specially-trained research assistants in Thung Yai Naresuan Wildlife Sanctuary (Western Thailand).

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Boulatoff, Catherine, and Carol Boyer. "Using contingent valuation with undergraduate students to elicit a community's preferences for wind farm development." Applied Economics Letters 17, no. 14 (September 29, 2010): 1361–66. http://dx.doi.org/10.1080/13504850902967480.

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PRUS, PIOTR, MICHAŁ ROMAN, and AGNIESZKA RAMCZYKOWSKA. "NATURAL, AGRICULTURAL AND ECONOMIC FACTORS DEFINING DEVELOPMENT OF AGRITOURISM IN THE KOŚCIERSKI DISTRICT." sj-economics scientific journal 26, no. 3 (November 30, 2017): 96–107. http://dx.doi.org/10.58246/sjeconomics.v26i3.162.

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The aim of the study was to present the natural, agricultural and economic factors determining the development of rural tourism in the district of Kościerzyna. The study was attended by all the owners of agritourism farms from the county Kościerski (44 people). The significant problem that concerns the farmers of the Kościerski District, is a small farm area of low class valuation, and consequently, low income from agricultural production and not enough resources to maintain families. The research shows that in the Kashubian agritourism is a kind of activity that brings significant revenue.

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De Salvo, Maria, Sandra Notaro, Giuseppe Cucuzza, Laura Giuffrida, and Giovanni Signorello. "Protecting the Local Landscape or Reducing Greenhouse Gas Emissions? A Study on Social Acceptance and Preferences towards the Installation of a Wind Farm." Sustainability 13, no. 22 (November 18, 2021): 12755. http://dx.doi.org/10.3390/su132212755.

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We conducted a contingent valuation survey to estimate the social acceptance and preferences of a local community towards the installation of a wind farm in a countryside area presenting significant aesthetic, cultural, and identity place attributes. We focused on two opposite potential externalities caused by wind turbines. The first relates to the contribution to the reduction of greenhouse gas emission through the production of green energy. The second concerns the degradation of rural landscape assets. In the sample, we identified factors for or against the installation of the wind farm. People in favor of the wind farm were asked to state their willingness to pay for reducing the effect of global warming by purchasing electricity produced by wind turbines. People against it were solicited to declare their willingness to pay to avoid landscape loss. Welfare measures were elicited using a payment card elicitation format and quantified through different estimation models. An analysis of data revealed high heterogeneity in attitudes, beliefs, and preferences of citizens towards the two potentially competing environmental goods. The willingness to pay for reducing the effect of global warming was much higher than the willingness to pay for avoiding the loss of the rural landscape.

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Polinori, Paolo. "Wind energy deployment in wind farm aging context. Appraising an onshore wind farm enlargement project: A contingent valuation study in the Center of Italy." Energy Economics 79 (March 2019): 206–20. http://dx.doi.org/10.1016/j.eneco.2019.04.002.

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Yuya, Beyan Ahmed. "Valuation of Gender Differentiated Dairy Farming and Household Level Food Security Status in Eastern Oromia, Ethiopia." Turkish Journal of Agriculture - Food Science and Technology 6, no. 6 (June 26, 2018): 719. http://dx.doi.org/10.24925/turjaf.v6i6.719-728.1772.

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This study was aimed at examining gender diversified dairy farming and household level food security status and determinants of dairy cattle benefits in Haramaya district, Oromia, Ethiopia, using cross sectional data collected from randomly selected 120 sample households during year 2016 production season. Descriptive statistics and multiple linear regression models were employed for data analysis. Descriptive statistics stated that of the sample households, 71 households were found to be food secured whereas the remaining 49 household were food unsecured. Comparison of female headed and male headed dairy farming households indicated that 46.7 percent’s of female headed and 12.5 percent’s of male headed households were secured. The logistic regression result showed that female headed dairy farming participation was significantly influenced by education of household head, extension contact, cultivated land area, availability of supplementary feeds and access to market information. The impact estimation result showed that female headed have got increment in farm household’s food security status nearly by 66% than male headed households. The regression estimated coefficients indicated that dairy cattle benefits is significantly influenced by; education, access to vaccination, extension service, market information, cultivated area, milk sold on farm and fodder supplement were significant variables which affect the dairy cattle income in the study area. Therefore, policy makers should give due emphasis to the aforementioned variables to increase dairy farming benefits and improve the livelihood of rural households.

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Loncar, Dragan, Ivan Milovanovic, Biljana Rakic, and Tamara Radjenovic. "Compound real options valuation of renewable energy projects: The case of a wind farm in Serbia." Renewable and Sustainable Energy Reviews 75 (August 2017): 354–67. http://dx.doi.org/10.1016/j.rser.2016.11.001.

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BROOKS, KAREN. "Price adjustment and land valuation in the soviet agricultural reform: A view using Lithuanian farm data." European Review of Agricultural Economics 18, no. 1 (1991): 19–36. http://dx.doi.org/10.1093/erae/18.1.19.

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Bennett, R. "Measuring Public Support for Animal Welfare Legislation: A Case Study of Cage Egg Production." Animal Welfare 7, no. 1 (February 1998): 1–10. http://dx.doi.org/10.1017/s0962728600020212.

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AbstractA contingent valuation survey of 2000 people in Great Britain was conducted to find out about people's concerns about farm animal welfare and their willingness to pay to support legislation to phase out the use of cages in egg production in the European Union (EU) by 2005. The survey found that respondents were concerned about a range of farm animal welfare issues, and that the majority supported the proposed legislation and stated that they were willing to pay a significant increase on the current price of eggs to support it. People's willingness to pay to support the legislation would appear to outweigh the extra resource costs of producing eggs without using cages. However, possible sources of bias in the survey and the validity of the willingness to pay measure estimated are discussed. It is concluded that such measures must be interpreted with caution, but can be useful indicators of people's concerns about animal welfare issues and their preferences for public policies on animal welfare.

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Latvala, Terhi, Kristiina Regina, and Heikki Lehtonen. "Evaluating Non-Market Values of Agroecological and Socio-Cultural Benefits of Diversified Cropping Systems." Environmental Management 67, no. 5 (February 10, 2021): 988–99. http://dx.doi.org/10.1007/s00267-021-01437-2.

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AbstractWe explored how consumers value the ecological and socio-cultural benefits of diversified food production systems in Finland. We used a stated preference method and contingent valuation to quantify consumers’ willingness to pay (WTP) for the benefits of increased farm and regional scale diversity of cultivation practices and crop rotations. Three valuation scenarios were presented to a representative sample of consumers: the first one focused on agroecosystem services on cropland, the second on wider socio-cultural effects and the third was a combination of them. The results suggest that consumers are willing to pay on the average €228 per household annually for the suggested diversification. This is equal to €245 per hectare of cultivated cropland. The results also indicate that 21% of consumers were not willing to pay anything to support more diverse cropping systems. The relatively high WTP for both agroecological and socio-cultural benefits provide important messages for actors in the food chain and for policy makers on future targeting of economic resources within agri-environmental schemes.

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Karakayacı, Zuhal. "Regression Analysis for the Factor Affecting on Farm Land/Urban Land Value in Urban Sprawl." Turkish Journal of Agriculture - Food Science and Technology 6, no. 10 (October 1, 2018): 1357. http://dx.doi.org/10.24925/turjaf.v6i10.1357-1361.1886.

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In this study, the factors affecting on land value in urban sprawl were analysed via regression analysis. In the analyse, the nominal value of land was taken to be dependent variable while factors affecting the value of the land in urban sprawl were considered to be independent variables. 9 factors that were thought to affect the value of the land were handled. In this study, 3 separate models were analyzed, and all models provided statistically significant results. The basic reason for applying three separate models is to be witness the effects by including the variables in different categories (environmental, social amenity and economical factors) separately to the model. As a result of these analyses, all of environmental, amenity and economic factors should be considered for valuation of urban sprawl.

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Wahyuni, Etty, Septwinda Tasia Ranti, Anang Sulistyo, and Hendris. "Analysis of Willingness to Pay And Willingness to Accept for The Existence of Broiler Chicken Farm." IOP Conference Series: Earth and Environmental Science 1083, no. 1 (September 1, 2022): 012016. http://dx.doi.org/10.1088/1755-1315/1083/1/012016.

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Abstract The development of broiler chicken farm business is not only able to meet the community need for protein, but also causes disturbance to the surrounding environment, especially when it is closely located to residential areas. Business waste can be in the form of physical waste such as wastewater and the presence of flies, as well as social waste in the form of unpleasant odors. This study was aimed to determine the willingness to pay (WTP) of chicken owners for the impact of the waste produced, willingness of the community around the farm to accept compensation (WTA) for the impacts received, the percentage of environmental costs to the total cost structure and the factors that affect the value of willingness to accept compensation. The data analysis used is the Contingent Valuation Method with a bidding game question system and multiple linear regression analysis. The results showed that mean WTP value from farm owners for physical waste was Rp. 3.103.300,-/owner/production period and for social waste was Rp. 280,000,-/head of family/production period. Moreover, the mean WTA value of the community was Rp. 271,866,74,-/head of family/production period. Factors that affected the WTA value included education, income, knowledge, and number of family members.

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Turan, Özlem, Serkan Gurluk, and Abdulhakim Madiyoh. "Economic evaluation of a prospective Farm Animal Welfare program in Turkey." British Food Journal 122, no. 1 (October 24, 2019): 345–62. http://dx.doi.org/10.1108/bfj-04-2018-0225.

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Purpose The purpose of this paper is to examine producer preferences for changing Farm Animal Welfare (FAW) levels in regards to sheep and goat husbandry in Bursa-Turkey. Design/methodology/approach The paper tests “panel estimators” in a stated preference data by using the payment card question format. Probit panels are employed to measure individual effects on FAW levels by considering producers’ willingness to accept. Three different FAW levels were identified for valuation as “base” level, “better” level, and the “best” level. The current study suggests a protocol with WTA(P) nomenclature to resolve complexity issues in FAW studies by investigating producers rather than consumers because the scenarios regarding FAW levels include quite technical and difficult topics which are vague to consumers. Findings If half of the total number of the sheep and goats in Turkey are assumed to be in bad animal welfare conditions, which are worse than base level, the non-use benefits of bringing them to at least the base level would be about US$130.3m. Figures would be 166.2m US$/year and 175m US$/year for “better” and “best” FAW conditions, respectively. Originality/value This paper provides a contribution to the existing literature by examining the producers’ responses to new FAW schemes. Also it helps policy makers to understand producers’ environmental behavior as well as their sensitivity to FAW schemes.

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Prasath, G. Arun, D. Velmurugan, and R. Venkataraman. "Farmers’ Willingness to Pay for Tank Maintenance and Conservation – An Economic Valuation Approach." Ecology, Environment and Conservation 29 (2023): S65—S69. http://dx.doi.org/10.53550/eec.2023.v29i01s.011.

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Contingent Valuation Method involves a resource by imputing a monetary value on the response of the people affected by the change in the state of the resource. In this study, contingent valuation method is used to study the factors influencing farmers decision on willingness to pay and payment levels for tank maintenance and conservation and to rank the reasons for farmers willingness to pay and non-willingness to pay. Two tanks surrounding the Noyyal river in Tirupur district of Tamil Nadu namely, Manickapuram tank and Anaipalayam tank were selected purposively. A quota of 30 farmers surrounding each tank were randomly selected and interviewed for willingness to pay after clearly explaining the benefits of tank rehabilitation, maintenance and conservation. The collected data were analyzed using Logistic, Multiple regression and Garette ranking technique. The study revealed that past benefit had a greater influence on farmers decision on Willingness to pay. Age, Education, Farm income, Farming experience and Land holding influences the payment levels. The study also identified and ranked the reasons for farmers willingness to pay and non-willingness to pay. Finally, the study recommends the farmers to construct small percolation ponds for improving the quality of groundwater.

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Verlicchi, Paola, Estefania C. Avilés Sacoto, and Giacomo Zanni. "Zootechnical Farm Wastewaters in Ecuador: A Treatment Proposal and Cost-benefit Analysis." Water 11, no. 4 (April 15, 2019): 779. http://dx.doi.org/10.3390/w11040779.

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This paper presents and discusses the results of a study carried out in Ecuador, where the zootechnical sector represents one of the country’s most important economic activities. It is, however, the source of many environmental problems, including the release of untreated liquid effluents and odorous emissions, and the production and disposal of solid wastes. The main aim of this study was to propose a treatment train for the zootechnical farm wastewater, combining natural systems (i.e., lagoons and subsurface flow beds) with conventional technologies and a cost-benefit analysis. With reference to a specific case study, the different steps of the treatment train were designed and the corresponding construction, operational and maintenance costs evaluated. To better assess the technical and economic feasibility of such a proposal, a cost-benefit analysis was carried out. The social benefit was evaluated by means of the contingent valuation method and a focus on the methodology and collected results was reported. The main findings discussed, in terms of selected treatments, their costs, and the financial and economic analysis of the project, could be useful for administrators, decision-makers and all technicians involved in planning and management of zootechnical farm wastewaters in developing countries, in particular in Latin America.

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Kuwornu, JOHN K. M., Alfred B. Narh JNR, Irene S. Egyir, Edvard E. Onumah, and Solomie Gebrezgabher. "Willingness to pay for excreta pellet fertilizer: Empirical evidence from Ghana." Acta agriculturae Slovenica 109, no. 2 (September 26, 2017): 315. http://dx.doi.org/10.14720/aas.2017.109.2.14.

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<p><span style="font-family: Times New Roman;">This study examined farmers’ willingness to pay for excreta pellet fertilizer in Ghana. Primary data was obtained from 461 farmers in 10 districts in the Western and Greater Accra regions of Ghana through randomized questionnaire administration. The contingent valuation method was used in eliciting the farmers’ willingness to pay decisions (WTP) and maximum amount they are willing to pay. The Tobit regression model results revealed that being a household head, unit cost of current fertilizer used, and farm size positively influenced the willingness to pay amount whereas previous use of organic fertilizer influenced the willingness to pay amount negatively.</span></p>

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Patil, Ganesh Sampatrao, Anwar Mulla, and Taha Selim Ustun. "Impact of Wind Farm Integration on LMP in Deregulated Energy Markets." Sustainability 14, no. 7 (April 6, 2022): 4354. http://dx.doi.org/10.3390/su14074354.

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The integration of renewable energy generation affects the operating characteristics of a power system, such as electric losses, voltage profile, generation cost, system stability, and reliability of the system. The installation of renewable energy generation units in non-optimal locations may increase system losses, costs, voltage fluctuations, etc. The main hurdle in integrating renewable energy generation units with an existing electrical grid is the uncertainty of renewable sources. This paper presents the impact of wind farm integration on the system economy in a wind-integrated deregulated power market. The importance of deregulation in terms of the system generation cost, bus voltage profile, and locational marginal pricing (LMP) are also studied in this work. LMP is the main parameter responsible for handling the system economy (i.e., profit of generating units and profit of customers). Considering the variable nature of wind flow, three different real-time wind speed datasets are used to validate this work. Bus sensitivity factor (BSF) is considered for equating the optimal position of the wind farm in the integrated system. Five different optimization techniques, i.e., sequential quadratic programming (SQP), artificial bee colony (ABC) algorithms, particle swarm optimization (PSO), ant colony optimization (ACO) algorithm, and slime mold algorithm (SMA), are introduced to solve the optimal power flow problem. The SMA and ACO are used for the first time in this type of economic assessment (i.e., impact valuation of LMP) in a deregulated power system, which is the novelty of this work. The entire work is performed in a modified IEEE 30 bus test system.

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Zekri, Slim, Samiha Al Harthi, Hemesiri Kotagama, and Shekar Bose. "An estimate of the willingness to pay for treated wastewater for irrigation in Oman." Journal of Agricultural and Marine Sciences [JAMS] 21 (January 1, 2016): 57. http://dx.doi.org/10.24200/jams.vol21iss0pp57-64.

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The volume of Treated Wastewater (TW) produced in Oman is increasing, due to increased connection of houses to the sewage network and increased construction of wastewater treatment plants. Despite 68% of the TW been used for irrigating urban landscapes, 10.3 Mm3 TW has been discharged to the sea in 2014. Wastewater treatment plants are owned and operated by private companies, which aspire to sell excess TW, particularly to farmers, in order to recover cost of wastewater treatment. This paper has used the Contingent Valuation Method (CVM) to estimate the farmers’ Willingness to Pay (WTP) for TW for farm irrigation. Seventy two farmers responded to a face-to face interview on eliciting WTP to purchase TW as irrigation water, out of a total population of 400 farmers in Seeb region who have farms in proximity to a wastewater treatment plant. The results indicated that farmers’ WTP for TW was on average 0.111 OR/m3. WTP for TW was significantly affected by the income of farmers and whether the farm is a market oriented or non-market hobby oriented farm. The percentage of farmers willing to pay the average price or higher was 38%. Most farmers are not willing to pay the price currently charged by the wastewater treatment company for landscaping irrigation (0.220 OR/m3) given the large volumes required for farm irrigation. Even rich farmers maintaining hobby farms are willing to pay only 0.128 OR/m3 versus 0.087 OR/m3 by the market oriented farmers. The WTP for TW is higher than the prices reported (OR 0.005 to 0.023 OR/ m3) for groundwater used in agriculture in Oman. .

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Meza, Francisco J., James W. Hansen, and Daniel Osgood. "Economic Value of Seasonal Climate Forecasts for Agriculture: Review of Ex-Ante Assessments and Recommendations for Future Research." Journal of Applied Meteorology and Climatology 47, no. 5 (May 1, 2008): 1269–86. http://dx.doi.org/10.1175/2007jamc1540.1.

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Abstract Advanced information in the form of seasonal climate forecasts has the potential to improve farmers’ decision making, leading to increases in farm profits. Interdisciplinary initiatives seeking to understand and exploit the potential benefits of seasonal forecasts for agriculture have produced a number of quantitative ex-ante assessments of the economic value of seasonal climate forecasts. The realism, robustness, and credibility of such assessments become increasingly important as efforts shift from basic research toward applied research and implementation. This paper surveys published evidence about the economic value of seasonal climate forecasts for agriculture, characterizing the agricultural systems, approaches followed, and scales of analysis. The climate forecast valuation literature has contributed insights into the influence of forecast characteristics, risk attitudes, insurance, policy, and the scale of adoption on the value of forecasts. Key innovations in the more recent literature include explicit treatment of the uncertainty of forecast value estimates, incorporation of elicited management responses into bioeconomic modeling, and treatment of environmental impacts, in addition to financial outcomes of forecast response. It is argued that the picture of the value of seasonal forecasts for agriculture is still incomplete and often biased, in part because of significant gaps in published valuation research. Key gaps include sampling of a narrow range of farming systems and locations, incorporation of an overly restricted set of potential management responses, failure to consider forecast responses that could lead to “regime shifts,” and failure to incorporate state-of-the-art developments in seasonal forecasting. This paper concludes with six recommendations to enhance the realism, robustness, and credibility of ex-ante valuation of seasonal climate forecasts.

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Journal articles on the topic 'Farm valuation'

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