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Value of information analysis: the state of application

Author

Listed:
  • Jeffrey M. Keisler

    (University of Massachusetts Boston)

  • Zachary A. Collier

    (US Army Engineer Research and Development Center)

  • Eric Chu

    (Carnegie Mellon University)

  • Nina Sinatra

    (Massachusetts Institute of Technology)

  • Igor Linkov

    (US Army Engineer Research and Development Center)

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.

Suggested Citation

  • Jeffrey M. Keisler & Zachary A. Collier & Eric Chu & Nina Sinatra & Igor Linkov, 2014. "Value of information analysis: the state of application," Environment Systems and Decisions, Springer, vol. 34(1), pages 3-23, March.
    • Handle: RePEc:spr:envsyd:v:34:y:2014:i:1:d:10.1007_s10669-013-9439-4
    DOI: 10.1007/s10669-013-9439-4
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    Cited by:

    1. Seyed Mojtaba Hoseyni & Francesco Di Maio & Enrico Zio, 2023. "Subset simulation for optimal sensors positioning based on value of information," Journal of Risk and Reliability, , vol. 237(5), pages 897-909, October.
    2. Borgonovo, Emanuele & Hazen, Gordon B. & Jose, Victor Richmond R. & Plischke, Elmar, 2021. "Probabilistic sensitivity measures as information value," European Journal of Operational Research, Elsevier, vol. 289(2), pages 595-610.
    3. Anna Heath & Ioanna Manolopoulou & Gianluca Baio, 2017. "A Review of Methods for Analysis of the Expected Value of Information," Medical Decision Making, , vol. 37(7), pages 747-758, October.
    4. Francesco Cavazza & Francesco Galioto & Meri Raggi & Davide Viaggi, 2020. "Digital Irrigated Agriculture: Towards a Framework for Comprehensive Analysis of Decision Processes under Uncertainty," Future Internet, MDPI, vol. 12(11), pages 1-16, October.
    5. Andrija S Grustam & Nasuh Buyukkaramikli & Ron Koymans & Hubertus J M Vrijhoef & Johan L Severens, 2019. "Value of information analysis in telehealth for chronic heart failure management," PLOS ONE, Public Library of Science, vol. 14(6), pages 1-23, June.
    6. Emanuele Borgonovo & Alessandra Cillo & Curtis L. Smith, 2018. "On the Relationship between Safety and Decision Significance," Risk Analysis, John Wiley & Sons, vol. 38(8), pages 1541-1558, August.
    7. Shimai Su & Anna Tur, 2022. "Estimation of Initial Stock in Pollution Control Problem," Mathematics, MDPI, vol. 10(19), pages 1-11, September.
    8. Emanuele Borgonovo & Alessandra Cillo, 2017. "Deciding with Thresholds: Importance Measures and Value of Information," Risk Analysis, John Wiley & Sons, vol. 37(10), pages 1828-1848, October.
    9. Zou, Guang & Faber, Michael Havbro & González, Arturo & Banisoleiman, Kian, 2021. "Computing the value of information from periodic testing in holistic decision making under uncertainty," Reliability Engineering and System Safety, Elsevier, vol. 206(C).
    10. Feuerriegel, Stefan & Bodenbenner, Philipp & Neumann, Dirk, 2016. "Value and granularity of ICT and smart meter data in demand response systems," Energy Economics, Elsevier, vol. 54(C), pages 1-10.
    11. Strand,Jon & Siddiqui,Sauleh, 2015. "Value of improved information about forest protection values, with application to rainforest valuation," Policy Research Working Paper Series 7423, The World Bank.
    12. Dohyeong Kim & Zachary Brown & Richard Anderson & Clifford Mutero & Marie Lynn Miranda & Jonathan Wiener & Randall Kramer, 2017. "The Value of Information in Decision‐Analytic Modeling for Malaria Vector Control in East Africa," Risk Analysis, John Wiley & Sons, vol. 37(2), pages 231-244, February.
    13. Hans Olav Vogt Myklebust & Jo Eidsvik & Iver Bakken Sperstad & Debarun Bhattacharjya, 2020. "Value of Information Analysis for Complex Simulator Models: Application to Wind Farm Maintenance," Decision Analysis, INFORMS, vol. 17(2), pages 134-153, June.
    14. Haag, Fridolin & Chennu, Arjun, 2023. "Assessing whether decisions are more sensitive to preference or prediction uncertainty with a value of information approach," Omega, Elsevier, vol. 121(C).
    15. Cavazza, F. & Galioto, F. & Raggi, M. & Viaggi, D., 2018. "Changes in the information environment of water management: the role of ICT," 2018 Conference, July 28-August 2, 2018, Vancouver, British Columbia 277247, International Association of Agricultural Economists.
    16. Vrishali Subramanian & Elena Semenzin & Danail Hristozov & Esther Zondervan-van den Beuken & Igor Linkov & Antonio Marcomini, 2015. "Review of decision analytic tools for sustainable nanotechnology," Environment Systems and Decisions, Springer, vol. 35(1), pages 29-41, March.
    17. Stéphane Couture & Stéphane Lemarié & Sabrina Teyssier & Pascal Toquebeuf, 2024. "The value of information under ambiguity: a theoretical and experimental study on pest management in agriculture," Theory and Decision, Springer, vol. 96(1), pages 19-47, February.
    18. Anna Tur & Ekaterina Gromova & Dmitry Gromov, 2021. "On the Estimation of the Initial Stock in the Problem of Resource Extraction," Mathematics, MDPI, vol. 9(23), pages 1-10, December.
    19. Mayuran Sivapalan & Jerome Bowen, 2020. "Decision frameworks for restoration & adaptation investment–Applying lessons from asset-intensive industries to the Great Barrier Reef," PLOS ONE, Public Library of Science, vol. 15(11), pages 1-20, November.
    20. Mark Colyvan, 2016. "Value of information and monitoring in conservation biology," Environment Systems and Decisions, Springer, vol. 36(3), pages 302-309, September.
    21. Jeffrey M. Keisler, 2014. "Value of information: facilitating targeted information acquisition in decision processes," Environment Systems and Decisions, Springer, vol. 34(1), pages 1-2, March.
    22. Liesiö, Juuso & Salo, Ahti & Keisler, Jeffrey M. & Morton, Alec, 2021. "Portfolio decision analysis: Recent developments and future prospects," European Journal of Operational Research, Elsevier, vol. 293(3), pages 811-825.

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