ECONOMIC VALUE OF IMPROVED METHODS OF TRANSLATING WEATHER INFORMATION INTO OPERATIONAL TERMS

JAMES D. McQUlGG University of Missouri, Columbia, Mo.

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RUSSELL G. THOMPSON University of Missouri, Columbia, Mo.

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Abstract

A number of investigators have advanced the thesis that weather information has (or accrues) economic value because it makes possible “better” management decisions in a weather-sensitive process. A simulation model approach is used to modify this thesis, and to illustrate the necessity for the decision-maker to have a sufficiently precise method for translating weather information into operational terms.

Missouri State Climatologist, Environmental Science Services Administration, Columbia, Mo.

Abstract

A number of investigators have advanced the thesis that weather information has (or accrues) economic value because it makes possible “better” management decisions in a weather-sensitive process. A simulation model approach is used to modify this thesis, and to illustrate the necessity for the decision-maker to have a sufficiently precise method for translating weather information into operational terms.

Missouri State Climatologist, Environmental Science Services Administration, Columbia, Mo.

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