Value of information and natural resources decision-making

Wildlife Society Bulletin
By:  and 

Links

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.

Additional publication details

Publication type Article
Publication Subtype Journal Article
Title Value of information and natural resources decision-making
Series title Wildlife Society Bulletin
DOI 10.1002/wsb.575
Volume 39
Issue 3
Year Published 2015
Language English
Publisher Wildlife Society
Publisher location Bethesda, MD
Contributing office(s) Wetland and Aquatic Research Center
Description 9 p.
First page 488
Last page 496
Online Only (Y/N) N
Additional Online Files (Y/N) N