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Value of Information: Exploring Behavioral and Social Factors

Pierre D. Glynn, Scott J. Chiavacci

2022envalue of informationbehavioral economicsenvironmental risksdecisionsnatural resources

Abstract

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There is growing interest within and beyond the economics community in assessing the value of information (VOI) used in decision making. This paper aims to explore the complex behavioral and social factors that affect the perception, valuation, and use of information by individuals and groups in the context of VOI assessments. We discuss these concepts and identify fifteen different aspects of value and information relevant to VOI assessments. Additionally, we examine methodologies and issues related to current VOI estimation practices in economics, delving into social and behavioral factors that influence information sharing, prioritization, valuation, and discounting. We consider the implications of information production, trading, controls, and communication pathologies on the usability and actionability of information. Through various examples, we illustrate the significance of geospatial information and its relevance to societal issues related to natural resources, environmental management, and addressing natural and anthropogenic hazards. Overall, our paper aims to provide instrumental insights for stakeholders interested in the use and value of scientific information in decision making.

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Cite This Work

@article{7c88d0ff-c291-44c9-a806-7a42e85fcbef,
  title={Value of Information: Exploring Behavioral and Social Factors},
  author={Pierre D. Glynn and Scott J. Chiavacci},
  year={2022},
  language={en}
}
TY  - JOUR
TI  - Value of Information: Exploring Behavioral and Social Factors
AU  - Pierre D. Glynn
AU  - Scott J. Chiavacci
PY  - 2022
LA  - en
ER  -

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