Economic use of weather and climate information: Concepts and an agricultural example

Although changing economic, conditions suggest a growing potential for the business application of weather and climate information, the actual use of that information will be affected by its suitability for decision‐making purposes. This article suggests the use of decision analytic techniques for evaluating the appropriatenesses and value of weather and climate information. The conceptual steps involved in this process are defined. The need for interdisciplinary modelling efforts to determine the economic use of weather and climate information is illustrated for an agricultural example.