A Case Study in the Economics of Information and Coordination

The Weather Forecasting System

by Richard R. Nelson, Sidney G. Winter

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An application of the economics of information and coordination to problems involving the dissemination, use, and evaluation of weather information. The case studied is the decision problem that confronts the dispatcher of a fleet of trucks. It is concluded that the public forecaster's choice of an information structure should reflect the importance of the different weather dimensions as determined by the number and types of decision problems faced and the sensitivity of the payoff to the action taken.

This report is part of the RAND Corporation paper series. The paper was a product of the RAND Corporation from 1948 to 2003 that captured speeches, memorials, and derivative research, usually prepared on authors' own time and meant to be the scholarly or scientific contribution of individual authors to their professional fields. Papers were less formal than reports and did not require rigorous peer review.

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