The Value of Information
The book examines applications in two disparate fields linked by the importance of valuing information: public health and space. Researchers in the health field have developed some of the most innovative methodologies for valuing information, used to help determine, for example, the value of diagnostics in informing patient treatment decisions. In the field of space, recent applications of value-of-information methods are critical for informing decisions on investment in satellites that collect data about air quality, fresh water supplies, climate and other natural and environmental resources affecting global health and quality of life.
Surveys state-of-the-art methodology, investigating how information is valued across multiple spectrums Presents in-depth case examples which range from assessing the value of rapid diagnosis tests in preventing unnecessary use of anti-malarial drugs to the valuation of information associated with climate change catastrophe Illustrates five methodological approaches to valuation: Price- and cost-based derivation; Bayesian belief network; Regulatory cost-effectiveness; Econometric modeling and estimation; and Simulation modeling and estimation