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Scenarios for valuing sample information in natural resources

Byron K. Williams·Ellie Brown
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Abstract

Uncertainty is ubiquitous in natural resource systems, science and management. Sample data are obtained in order to reduce uncertainty, thereby increasing knowledge and improving resource management, but sampling always comes at a cost of some sort. Is that cost worthwhile? Analysis of the value of sample information ( VSI ) addresses this question. In this paper we develop the valuation of sample information in terms of five elements: (a) a system whose attributes are the focus of analysis; (b) a range of management actions that affect the system's status; (c) uncertainty about system status or structure, as characterized by initial (prior) probabilities of possible system states or structures; (d) an experiment or other information source that produces new data points and updated (posterior) probabilities; and (e) a value measure that is a function of the management action taken, conditional on either the system state or structure. We describe five scenarios for analysing the VSI under uncertainty about system structure and state. Scenarios 1–3 comprise analyses of conditional, expected and optimal expected values of sample information. They focus primarily on choice of management adaptations with new information. Scenarios 4 and 5 involve pre-selected management actions, and are useful for comparing designs of data collection rather than for choosing a management action. These last scenarios expand the framework for VSI to include actions that have been selected independently of the updating of uncertainty. We discuss other extensions of VSI analysis, which include spatial applications, hybrid scenarios, applications involving dynamic systems, and a focus on costs rather than net benefits. Value of sample information analysis holds promise in emerging areas of ecology such as ecological forecasting and the use of remote sensing in conservation, where potential new data from models and satellites can be evaluated in advance, thereby allowing more efficient prioritization of scientific efforts. More generally, VSI can contribute to better ecological understanding and more effective management in a wide range of ecological situations.

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BibTeXRIS

Byron K. Williams, Ellie Brown. 2020-10-13. Scenarios for valuing sample information in natural resources. https://doi.org/10.1111/2041-210x.13487

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