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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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