Valuation of Agricultural Extension Information

Abstract

The agricultural sector is heavily dependent on information about weather, pest and disease management, inputs, improved cultivation practices, markets and prices to deal with prevailing uncertainties. However agricultural extension information is still characterized by quality (timeliness, relevance, completeness or adequacy, accuracy and appropriateness) challenges if addressed, can enhance its value and hence increase profitability on the farm. The purpose of this study is to understand how information is valued, the different contexts of information valuation that exist in literature and propose a theory that can guide valuation of agricultural extension information which is the first step to enable smallholders extract more value from agricultural extension information. To fulfill the main objective of this paper, a comprehensive literature review on information valuation was conducted to establish existing knowledge in literature and also identify existing gaps in valuation of agricultural extension information. The study found that information valuation is context specific and varies depending on the reason for valuation and therefore a value-in-use approach grounded in subjective use value of information was proposed to value agricultural extension information. However, the proposed approach is theoretical and therefore there is need to validate this theory by means of case study or action research.