Comparing the value of Southern Oscillation Index-based climate forecast methods for Canadian and US wheat producers. Value varies by site and crop price. Forecasts need to be tailored to specific regions. Weather information and the potential for inter-temporal adverse selection in crop insurance. With no forecast, optimal decision rule is to always purchase insurance.
Decision rules are suboptimal in case of imperfect forecasts.
Land allocation conditioned on ENSO phases in the Pampas of Argentina. Constant relative risk aversion assumed. Dynamic aspects of the impact of the use of perfect climate forecasts in the Corn Belt region. Consumers are winners, producers are losers. Government institutional effects on the value of seasonal climate forecasts.