The economic value of remote sensing of earth resources from space: An ERTS overview and the value of continuity of service. Volume 3: Intensive use of living resources, agriculture. Part 2: Distribution effects

The results of an investigation of the value of improving information for forecasting future crop harvests are described. A theoretical model is developed to calculate the value of increased speed of availablitiy of that information. The analysis of U.S. domestic wheat consumption was implemented. New estimates of a demand function for wheat and of a cost of storage function were involved, along with a Monte Carlo simulation for the wheat spot and future markets and a model of market determinations of wheat inventories. Results are shown to depend critically on the accuracy of current and proposed measurement techniques.