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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...
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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...
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