Abstract
One option in decisionmaking under uncertainty is to reduce uncertainty by acquiring information. The decisionmaker will choose to acquire additional information if its value exceeds its cost. This paper describes the use of nested conditional simulation in implementing a Bayesian assessment of the value of information in an explicitly spatial setting. A simple example is given concerning the management of flood damage.
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References
Berger, Joseph O. (1986) Statistical Decision Theory and Bayesian Analysis, Springer-Verlag, New York.
Deutsch, Clayton V. and Journel, Andre G. (1992) GSLIB: Geostatistical Software Library and User’s Guide, Oxford University Press, Oxford.
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© 1994 Springer Science+Business Media Dordrecht
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Solow, A.R., Ratick, S.J. (1994). Conditional Simulation and the Value of Information. In: Dimitrakopoulos, R. (eds) Geostatistics for the Next Century. Quantitative Geology and Geostatistics, vol 6. Springer, Dordrecht. https://doi.org/10.1007/978-94-011-0824-9_25
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DOI: https://doi.org/10.1007/978-94-011-0824-9_25
Publisher Name: Springer, Dordrecht
Print ISBN: 978-94-010-4354-0
Online ISBN: 978-94-011-0824-9
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