Paper Title
What is the Value of Knowledge?
Presenter(s)
Hugh Possingham
Abstract
Good decisions require data, values and models. But how much data do we need, how good do the models have to be? We can go on forever collecting data and building better models - both take time and cost money. That time removes opportunity, that money could be spent on actions. Value of information analysis is a formal approach to answering the question of how much knowledge we need - but it also takes time and money. How much can we spend on formal value of information analyzes?
In this talk I will walk through my personal struggle with the question of how much knowledge is enough using several examples. Then I will argue for, and propose, a simple but dodgy solution to the problem.
Topic
KEYNOTE ADDRESS
Start Date
6-17-2016 10:50 AM
End Date
6-17-2016 11:45 AM
Room
High Country Conference Center
Recommended Citation
Possingham, Hugh, "What is the Value of Knowledge?" (2016). World Conference on Natural Resource Modeling. 3.
https://scholarexchange.furman.edu/rma/all/keynote/3
What is the Value of Knowledge?
High Country Conference Center
Good decisions require data, values and models. But how much data do we need, how good do the models have to be? We can go on forever collecting data and building better models - both take time and cost money. That time removes opportunity, that money could be spent on actions. Value of information analysis is a formal approach to answering the question of how much knowledge we need - but it also takes time and money. How much can we spend on formal value of information analyzes?
In this talk I will walk through my personal struggle with the question of how much knowledge is enough using several examples. Then I will argue for, and propose, a simple but dodgy solution to the problem.