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

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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.",
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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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