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Economic assessment of the use value of geospatial information

June 22, 2015

Geospatial data inform decision makers. An economic model that involves application of spatial and temporal scientific, technical, and economic data in decision making is described. The value of information (VOI) contained in geospatial data is the difference between the net benefits (in present value terms) of a decision with and without the information. A range of technologies is used to collect and distribute geospatial data. These technical activities are linked to examples that show how the data can be applied in decision making, which is a cultural activity. The economic model for assessing the VOI in geospatial data for decision making is applied to three examples: (1) a retrospective model about environmental regulation of agrochemicals; (2) a prospective model about the impact and mitigation of earthquakes in urban areas; and (3) a prospective model about developing private–public geospatial information for an ecosystem services market. Each example demonstrates the potential value of geospatial information in a decision with uncertain information.

Publication Year 2015
Title Economic assessment of the use value of geospatial information
DOI 10.3390/ijgi4031142
Authors Richard L. Bernknopf, Carl D. Shapiro
Publication Type Article
Publication Subtype Journal Article
Series Title ISPRS International Journal of Geo-Information
Index ID 70197064
Record Source USGS Publications Warehouse
USGS Organization Science and Decisions Center