Valuing meteorological information

    Research output: Contribution to journalArticleScientificpeer-review

    11 Citations (Scopus)

    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.
    Original languageEnglish
    Pages (from-to)315-323
    Number of pages9
    JournalMeteorological Applications
    Volume16
    Issue number3
    DOIs
    Publication statusPublished - 2009
    MoE publication typeA1 Journal article-refereed

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    valuation
    engineering
    economics
    attribute
    method
    decision

    Keywords

    • value
    • valuation
    • methods
    • information

    Cite this

    @article{ffdd0615646141e7882076a777be8a44,
    title = "Valuing meteorological information",
    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.",
    keywords = "value, valuation, methods, information",
    author = "Pekka Levi{\"a}kangas",
    year = "2009",
    doi = "10.1002/met.122",
    language = "English",
    volume = "16",
    pages = "315--323",
    journal = "Meteorological Applications",
    issn = "1350-4827",
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    }

    Valuing meteorological information. / Leviäkangas, Pekka.

    In: Meteorological Applications, Vol. 16, No. 3, 2009, p. 315-323.

    Research output: Contribution to journalArticleScientificpeer-review

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    AB - 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.

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