Value of information analysis: the state of application

Jeffrey M. Keisler, Zachary A. Collier, Eric Chu, Nina Sinatra and Igor Linkov ()
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Jeffrey M. Keisler: University of Massachusetts Boston
Zachary A. Collier: US Army Engineer Research and Development Center
Nina Sinatra: Massachusetts Institute of Technology
Igor Linkov: US Army Engineer Research and Development Center

Environment Systems and Decisions, 2014, vol. 34, issue 1, 3-23

Abstract: Abstract The value of information (VoI) is a decision analytic method for quantifying the potential benefit of additional information in the face of uncertainty. This paper reviews the prevalence of VoI applications reported in the peer-reviewed literature from the years 1990–2011. We categorize papers’ applications across the types of uncertainties considered, modeling choices, and contexts of social importance (such as health care and environmental science). We obtain and analyze statistics on the range of applications and identify trends and patterns in them, and conclude with an interpretation of what these mean for researchers and practitioners as they pursue new efforts. Key results include a substantial increase over the last 20 years in published papers utilizing VoI, particularly in the medical field. Nineteen trends in VoI applications from the period of 1990–2000 to 2001–2011 were found to be at least weakly significant. Beyond simple trends, some characteristics of VoI usage depend on the area of application, and in some cases, certain sets of characteristics tend to be found together.

Keywords: Value of information; Literature review; Loss avoidance; Information cost (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (28)

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DOI: 10.1007/s10669-013-9439-4

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