On the Economics of Precision Agriculture: Technical, Informational and Environmental Aspects
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The paper presents an integrated framework of biophysical and economic modelling as a novel approach towards precision agriculture research. A theoretical economic model determining the optimal number of precision agriculture management units within a given field of land is presented. The model is expanded to account for the value of the research information provided be the precision agriculture researchers. Since the inherent environmental values associated with precision agriculture are often omitted from the economic analysis, an attempt is made to incorporate these values into the model. The versions of the model are empirically tested using the data available.