Value of information and natural resources decision‐making
ABSTRACT Though the potential for information to measurably improve management has been highlighted for several decades, in recent years the “value of information” has surfaced with increasing frequency in natural resources. However, the use of this phrase belies the fact that many in natural resour...
Saved in:
| Main Authors: | , |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
Wiley
2015-09-01
|
| Series: | Wildlife Society Bulletin |
| Subjects: | |
| Online Access: | https://doi.org/10.1002/wsb.575 |
| Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
| _version_ | 1850247519479529472 |
|---|---|
| author | Byron K. Williams Fred A. Johnson |
| author_facet | Byron K. Williams Fred A. Johnson |
| author_sort | Byron K. Williams |
| collection | DOAJ |
| description | ABSTRACT Though the potential for information to measurably improve management has been highlighted for several decades, in recent years the “value of information” has surfaced with increasing frequency in natural resources. However, the use of this phrase belies the fact that many in natural resources have only a limited understanding about what it actually means, how to measure it, and what to do with it. We introduce and describe several forms of the value of information in a context of the management of renewable natural resources. The value of information is discussed in terms of a potential gain in value with the addition of new information, as well as a loss in value associated with the absence of information. Value metrics are developed for uncertainty about resource status as well as resource processes and responses to management. We provide a common notation for the metrics of value, and discuss linkages of the value of information to strategic approaches such as adaptive resources management and partially observable decision processes. Published 2015. This article is a U.S. Government work and is in the public domain in the USA. |
| format | Article |
| id | doaj-art-2406f5a1d6ab45f2b2a000c0cab6a442 |
| institution | OA Journals |
| issn | 2328-5540 |
| language | English |
| publishDate | 2015-09-01 |
| publisher | Wiley |
| record_format | Article |
| series | Wildlife Society Bulletin |
| spelling | doaj-art-2406f5a1d6ab45f2b2a000c0cab6a4422025-08-20T01:58:55ZengWileyWildlife Society Bulletin2328-55402015-09-0139348849610.1002/wsb.575Value of information and natural resources decision‐makingByron K. Williams0Fred A. Johnson1The Wildlife Society5410 Grosvenor Lane, Suite 200, BethesdaMD 20814USASoutheast Ecological Science CenterUnited States Geological Survey7920 NW 71 Street, GainesvilleFL 32653USAABSTRACT Though the potential for information to measurably improve management has been highlighted for several decades, in recent years the “value of information” has surfaced with increasing frequency in natural resources. However, the use of this phrase belies the fact that many in natural resources have only a limited understanding about what it actually means, how to measure it, and what to do with it. We introduce and describe several forms of the value of information in a context of the management of renewable natural resources. The value of information is discussed in terms of a potential gain in value with the addition of new information, as well as a loss in value associated with the absence of information. Value metrics are developed for uncertainty about resource status as well as resource processes and responses to management. We provide a common notation for the metrics of value, and discuss linkages of the value of information to strategic approaches such as adaptive resources management and partially observable decision processes. Published 2015. This article is a U.S. Government work and is in the public domain in the USA.https://doi.org/10.1002/wsb.575adaptive managementdecision‐makingpartial observabilityresource managementuncertaintyvalue of information |
| spellingShingle | Byron K. Williams Fred A. Johnson Value of information and natural resources decision‐making Wildlife Society Bulletin adaptive management decision‐making partial observability resource management uncertainty value of information |
| title | Value of information and natural resources decision‐making |
| title_full | Value of information and natural resources decision‐making |
| title_fullStr | Value of information and natural resources decision‐making |
| title_full_unstemmed | Value of information and natural resources decision‐making |
| title_short | Value of information and natural resources decision‐making |
| title_sort | value of information and natural resources decision making |
| topic | adaptive management decision‐making partial observability resource management uncertainty value of information |
| url | https://doi.org/10.1002/wsb.575 |
| work_keys_str_mv | AT byronkwilliams valueofinformationandnaturalresourcesdecisionmaking AT fredajohnson valueofinformationandnaturalresourcesdecisionmaking |