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Value of Information and Decision Pathways: Concepts and Case Studies

Pierre D. Glynn, Charles R. Rhodes

2022envalue of informationdecision sciencegeospatial informationnatural resourcesenvironmental issues

Abstract

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In contemporary society, the structuring of observations and data is pivotal for decision-making, where the collection, dissemination, and utilization of information incur both monetary and non-monetary costs. This study elaborates on the concept of the value of information (VOI) and its implications for society. By employing theoretical frameworks, case studies, and hypothetical scenarios, the authors examine how various forms of information, particularly geospatial data, are valued and integrated into decision-making processes, especially concerning the management of natural resources and response to natural and anthropogenic hazards. Focus is given to the interplay between information, models, beliefs, and economic evaluations, alongside a review of behavioral factors influencing information utilization. The study presents frameworks to navigate the challenges associated with understanding VOI through data to decision pathways (DDPs), elucidating the advantages that effective information usage can offer while addressing the social challenges it entails. The analysis culminates in a discussion of crucial issues that impact both DDPs and VOI, along with recommendations for enhancing economic evaluations and the practical application of information.

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Cite This Work

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  title={Value of Information and Decision Pathways: Concepts and Case Studies},
  author={Pierre D. Glynn and Charles R. Rhodes},
  year={2022},
  language={en}
}
TY  - JOUR
TI  - Value of Information and Decision Pathways: Concepts and Case Studies
AU  - Pierre D. Glynn
AU  - Charles R. Rhodes
PY  - 2022
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