Abstract
The economic value of current and hypothetically improved seasonal precipitation forecasts is estimated for a regionally important haying/pasturing problem in western Oregon by modeling and analyzing the problem in a decision-analytic framework. Although current forecasts are found to be of relatively little value in this decision-making problem, moderate increases in the quality of the forecasts would lead to substantial increases in their value. The quality/value relationship is sensitive to changes in various economic parameters, including the decision maker's attitude toward risk.
