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http://dx.doi.org/10.22156/CS4SMB.2019.9.11.103

A Study on Economic Value Analysis Model of Meteorological Information  

Kim, Sung Tai (Department of Economics, Cheongju University)
Publication Information
Journal of Convergence for Information Technology / v.9, no.11, 2019 , pp. 103-109 More about this Journal
Abstract
The purpose of this study is to examine various existing models that analyze the economic value of meteorological information, to present a new analysis model, a market model, and to quantitatively analyze the economic value of meteorological information in the Korean service industry using the market model. The research method of this paper will basically use empirical analysis along with the theoretical approach to critically examine the existing analytical model of economic value of meteorological information and to suggest a new analytical model. The analysis results are as follows. Theoretically, the marginal cost of firms is reduced by providing the amount of weather information, and social welfare is increased by the increase of consumer and producer surplus. In this paper, the marginal cost of 1% increase in the amount of weather information decreases by 0.101% and the increase in social welfare increases by 1,247billion Won in 2017. On the other hand, in the accommodation and restaurant sectors, the marginal cost due to a 1% increase in weather information decreased by 0.218%, and the social welfare increase increased by 308billion Won in 2017.
Keywords
Meteorological Information; Economic Value; Market Model; Welfare Analysis; Utilization of weather information; Accuracy of weather information;
Citations & Related Records
Times Cited By KSCI : 2  (Citation Analysis)
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