Economic Approach

The overall goals of this project's economic assessment are two-fold:

1. Quantify the private benefits (achieved for individual growers) of the sensor technology, in terms of utility, and returns on investment.

Private benefits include reduction in input costs (water, energy, labor etc), improvements in product quality as well as reductions in losses due to disease and reductions in production time (effu.

2. Quantify the public (socio-economic) benefits that are likely to be achieved by greater efficiency of water resources, reduce environmental footprints etc.

Public Benefits include those associated with reduced demand for water resources, and reduced water and nutrient runoff to public water bodies as well as reduced energy use and related air emissions.  The value of some environmental improvements and related ecosystem services may be measurable using non-market valuation methods, as well as by comparing the level of spending that is taking place elsewhere, to achieve the same reductions in water use and evironmental benefits as accrued by the adoption of this technology.