Although cigarette producers knew that nicotine was addictive in the early 1960's, this information was not publicly known until the 1979 Surgeon General's Report. This study finds that the release of addiction information caused a structural shift in cigarette demand and estimates the value of...

This paper addresses the problem of measuring the value of information to an agent in an environment where the agent is risk averse and choices are base on the utility of income and personal beliefs about the likelihood of uncertain outcomes

The theory of the competitive firm under price uncertainty is used to develop a money metric of a producer's willingness to pay for additional information. For a restricted class of utility functions, empirical estimates of the money using secondary data can be derived from the firm's risk...

The theory of the competitive firm under price uncertainty is used to develop a money metric of a producer's willingness to pay for additional information. This concept is extended to the market by formulating ex-ante and ex-post measures of the value of a rational expectations forecast. The...

This study estimates a hedonic price equation to assess consumers' willingness-to-pay for reduction in pesticide residues in fifteen fruits and vegetables. A unique feature of the study is its employment of the FDA's Total Diet Study data which attempts to measure actual pesticide ingestion by...

Fixed search costs associated with locating and purchasing pecans invalidate the Tobit model. Factors such as perceived quality, ease of purchase, and familiarity with marketing outlets influence the fixed costs of pecan purchases. These factors have differing impacts on the probability of...