Frances Antonovitz, Terry Roe, A Theoretical and Empirical Approach to the Value of Information in Risky Markets: A Reply, The Review of Economics and Statistics, Vol. 70, No. 3 (Aug., 1988), pp. 545-547

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 empirical feasibility of these measures are demonstrated by application to a simple two equation model of an agricultural market.