Search results for "Bayesian decision theory"

Value of information in multiple criteria decision making: an application to forest conservation

2019

Abstract Developing environmental conservation plans involves assessing trade-offs between the benefits and costs of conservation. The benefits of conservation can be established with ecological inventories or estimated based on previously collected information. Conducting ecological inventories can be costly, and the additional information may not justify these costs. To clarify the value of these inventories, we investigate the multiple criteria value of information associated with the acquisition of improved ecological data. This information can be useful when informing the decision maker to acquire better information. We extend the concept of the value of information to a multiple crite…