Search results for "imperfect information"

The value of perfect and imperfect information in lake monitoring and management.

2020

Highlights • Knowledge on the value of monitoring can assist decision-making in lake management. • We calculate value of perfect information theoretically. • We estimate value of imperfect information with Monte Carlo type of approach. • Generally, monitoring is profitable to invest in if VOI exceeds the cost. • Additional monitoring is profitable even if the lake is in good condition a priori. Uncertainty in the information obtained through monitoring complicates decision making about aquatic ecosystems management actions. We suggest the value of information (VOI) to assess the profitability of paying for additional monitoring information, when taking into account the costs and benefits of…