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Valuing meteorological information

✍ Scribed by Pekka Leviäkangas

Publisher
John Wiley and Sons
Year
2009
Tongue
English
Weight
155 KB
Volume
16
Category
Article
ISSN
1350-4827

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✦ Synopsis

Abstract

This paper approaches the value of meteorological information from the perspectives of value engineering, pricing or valuation techniques and information economics. The value of information can be looked at from at least two angles: the value of information to the decision maker and the value of information realized through the impact occurring as a result actions and decisions based on information. The value of information is not a singular, uniform concept. It consists of multiple attributes weighed in different ways by different actors who evaluate information according to their own particular preferences. When designing information value chains the value build‐up and relative importance of different attributes in different sections of the chain cannot be neglected. There are multiple methods and techniques for measuring the value, but these must be applied with care, being aware of the relevant attributes and in which part of the information value chain the measurement takes place. With the valuation tools described in this paper, the valuation problem can be clarified and appropriate methods selected. Copyright © 2009 Royal Meteorological Society

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