A Heuristic Approach to Explore: The Value of Perfect Information

2019 ◽  
Author(s):  
Shervin Shahrokhi Tehrani ◽  
Andrew T. Ching
Keyword(s):  
Heuristic Approach ◽  
Perfect Information ◽  
Value Of Perfect Information

Using decision analysis for stand-level silvicultural decisions

1991 ◽  
Vol 67 (4) ◽  
pp. 384-388
Author(s):  
Peter Marshall
Keyword(s):  
Decision Analysis ◽  
Treatment Response ◽  
Pseudotsuga Menziesii ◽  
Growth Response ◽  
Douglas Fir ◽  
Perfect Information ◽  
Analytic Approach ◽  
Planting Density ◽  
Response Information ◽  
Value Of Perfect Information

A decision analytic approach to assessing stand-level silvicultural decisions is illustrated using planting density and spacing decisions for coastal Douglas-fir (Pseudotsuga menziesii (Mirb.) Franco). Information from several stand projection procedures was combined into a single analysis. The value of "perfect information" was calculated as an indicator of the value of additional response information. The value of perfect information should not be used as the sole justification for gathering treatment response information because it fluctuated with the economic assumptions made and the alternatives evaluated. However, it provides a relative ranking of treatment response requirements and a means for quantifying the risk associated with silvicultural decisions. The decision analytic approach proved flexible as a means for combining growth response information from several sources into a compromise decision.

scholarly journals Expected Value of Perfect Information: An Empirical Example of Reducing Decision Uncertainty by Conducting Additional Research

2008 ◽  
Vol 11 (7) ◽  
pp. 1070-1080 ◽  
Author(s):  
Jan B. Oostenbrink ◽  
Maiwenn J. Al ◽  
Mark Oppe ◽  
Maureen P.M.H. Rutten-van Mölken
Keyword(s):  
Expected Value ◽  
Perfect Information ◽  
Additional Research ◽  
Decision Uncertainty ◽  
Value Of Perfect Information
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