Adaptive resource management and the value of information

Byron K. Williams, Mitchell J. Eaton and David R. Breininger

Ecological Modelling, 2011, vol. 222, issue 18, 3429-3436

Abstract: The value of information is a general and broadly applicable concept that has been used for several decades to aid in making decisions in the face of uncertainty. Yet there are relatively few examples of its use in ecology and natural resources management, and almost none that are framed in terms of the future impacts of management decisions. In this paper we discuss the value of information in a context of adaptive management, in which actions are taken sequentially over a timeframe and both future resource conditions and residual uncertainties about resource responses are taken into account. Our objective is to derive the value of reducing or eliminating uncertainty in adaptive decision making. We describe several measures of the value of information, with each based on management objectives that are appropriate for adaptive management. We highlight some mathematical properties of these measures, discuss their geometries, and illustrate them with an example in natural resources management. Accounting for the value of information can help to inform decisions about whether and how much to monitor resource conditions through time.

Keywords: Value of information; Adaptive management; Structural uncertainty; Decision making (search for similar items in EconPapers)
Date: 2011
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (11)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0304380011003735
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:ecomod:v:222:y:2011:i:18:p:3429-3436

DOI: 10.1016/j.ecolmodel.2011.07.003

Access Statistics for this article

Ecological Modelling is currently edited by Brian D. Fath

More articles in Ecological Modelling from Elsevier
Bibliographic data for series maintained by Catherine Liu ().