THE VALUE OF SOIL WATER AND WEATHER/INFORMATION IN INCREASING IRRIGATION EFFICIENCY

Different levels of soil water and weather information are compared to a situation of very limited information. Generalized stochastic dominance is used to generate a value for each level of information for decisionmakers whose coefficients of absolute risk aversion fall within predetermined bounds. Information is found to have a positive value which is subject to diminishing returns and which varies by level of risk aversion