Value of Information

The concept of Value of Information (VoI) has attracted significant attentions within the civil engineering community over especially the last decade. Triggered by the increasing focus on structural health monitoring, availability of data and emerging techniques of Big Data analysis and Artificial Intelligence, important insights on how to take benefit from VoI in structural integrity management have been gained. This literature review starts out with a summary of the historical developments and contains (1) a summary of two different VoI analysis origins, (2) a compilation of existing VoI analyses research and (3) current engineering interpretations and applications of VoI in the field of civil and infrastructure engineering. VoI analysis has roots in communication theory and Bayesian decision analysis in conjunction with utility theory. Starting point is thus taken in brief introduction of these theoretical foundations, followed by a discussion on the relevant modelling aspects such as information, probability and utility modelling. A detailed review of relevant existing research is presented, divided into the following main areas: computational methods, optimal sensor placement and engineering risk management. Finally, by way of conclusion and outlook, challenges and some promising directions for VoI analysis in the field of civil and infrastructure engineering are identified.

Data is inherently dirty and there has been a sustained effort to come up with different approaches to clean it. A large class of data repair algorithms rely on data-quality rules and integrity constraints to detect and repair the data. A well-studied class of integrity constraints is Functional Dependencies (FDs, for short) that specify dependencies among attributes in a relation. In this paper, we address three major challenges in data repairing: (1) Accuracy: Most existing techniques strive to produce repairs that minimize changes to the data. However, this process may produce incorrect combinations of attribute values (or patterns). In this work, we formalize the interaction of FD-induced patterns and select repairs that result in preserving frequent patterns found in the original data. This has the potential to yield a better repair quality both in terms of precision and recall. (2) Interpretability of repairs: Current data repair algorithms produce repairs in the form of data updates that are not necessarily understandable. This makes it hard to debug repair decisions and trace the chain of steps that produced them. To this end, we define a new formalism to declaratively express repairs that are easy for users to reason about. (3) Scalability: We propose a linear-time algorithm to compute repairs that outperforms state-of-the-art FD repairing algorithms by orders of magnitude in repair time. Our experiments using both real-world and synthetic data demonstrate that our new repair approach consistently outperforms existing techniques both in terms of repair quality and scalability.

This paper describes a value of information-based experimental design method that uses Bayesian inference for belief updating. The application is process damping coefficient identification in milling. An analytical process damping algorithm is used to model the prior distribution of the stability boundary (between stable and unstable cutting conditions). The prior distribution is updated using experimental results via Bayesian inference. The updated distribution of the stability boundary is used to determine the posterior process damping coefficient value. A value of information approach for experimental test point selection is then demonstrated which minimizes the number of experiments required to determine the process damping coefficient. Subsequent experimental parameters are selected such that the percent reduction in the standard deviation of the process damping coefficient is maximized. The method is validated by comparing the process damping posterior values to residual sum of squares results using a grid-based experimental design approach. Results show a significant reduction in the number of experiments required for process damping coefficient parameter determination. The advantages of using the value of information approach over the traditional design of experimental methods are discussed.

Abstract: Supply chain tracking information has always been an enabler for effective and efficient business operations. In this paper we propose a way to model supply chain tracking information in order to determine its quality with regard to its ability to support business decisions. The analysis provides insights on the way that tracking information accuracy and timeliness affect decision effectiveness. A way to measure the value of the information provided by the tracking system as well as a way to measure the overall system ...

Knowing the spatial scales at which effective management can be implemented is fundamental for conservation planning. This is especially important for mobile species, which can be exposed to threats across large areas, but the space use requirements of different species can vary to an extent that might render some management approaches inefficient. Here the space use patterns of seabirds were examined to provide guidance on whether conservation management approaches should be tailored for taxonomic groups with different movement characteristics. Seabird tracking data were synthesised from 5419 adult breeding individuals of 52 species in ten families that were collected in the Atlantic Ocean basin between 1998 and 2017. Two key aspects of spatial distribution were quantified, namely how far seabirds ranged from their colony, and to what extent individuals from the same colony used the same areas at sea. There was evidence for substantial differences in patterns of space-use among the ten studied seabird families, indicating that several alternative conservation management approaches are needed. Several species exhibited large foraging ranges and little aggregation at sea, indicating that area-based conservation solutions would have to be extremely large to adequately protect such species. The results highlight that short-ranging and aggregating species such as cormorants, auks, some penguins, and gulls would benefit from conservation approaches at relatively small spatial scales during their breeding season. However, improved regulation of fisheries, bycatch, pollution and other threats over large spatial scales will be needed for wide-ranging and dispersed species such as albatrosses, petrels, storm petrels and frigatebirds.

This paper focuses on an application of Information Communication and Technology in Nigeria Financial Institution like the use of Automated Teller Machine (ATM), Smart Cards etc. It also embraces the role of information technology in our contemporary environment. The computerization of Nigeria financial institution was not left out from the discussion of the subject matter. The value of information communication and technology in financial institution together with methodology and hypothesis were critically analysed to consolidate the important of information technology in financial institution. Finally, the summary and recommendations were given to enhance the greater efficiency in Banking Industry in the post consolidation and recapitalization of financial Institution.

This paper analyzes how learning behaviors can substantially modify the outcome of competition in an oligopolistic industry facing demand uncertainty. We consider the case of a symmetric duopoly game where firms have imperfect information about market demand and learn through observing the volume of their sales. The main body of the paper consists in showing how market experimentation can explain the existence of price dispersion in an oligopolistic industry. We study this phenomenon and its dynamic evolution in the context of a Hotelling duopoly model; we then extend the analysis to general demand functions, to N-firm oligopolies, to asymmetric duopolies. We evaluate the social cost of price-experimentation by oligopolistic firms and we emphasize several implications of the public good aspect of information about market demand. We then conclude by a few comments on what happens when the value of information in the oligopolistic industry is negative.

This paper discusses the Value project, which assessed the value to clinical decision-making of information supplied by National Health Service (NHS) library and information services. The project not only showed how health libraries in the United Kingdom help clinicians in decision-making but also provided quality assurance guidelines for these libraries to help make their information services more effective. The paper reviews methods and results used in previous studies of the value of health libraries, noting that methodological differences appear to affect the results. The paper also discusses aspects of user involvement, categories of clinical decision-making, the value of information to present and future clinical decisions, and the combination of quantitative and qualitative assessments of value, as applied to the Value project and the studies reviewed. The Value project also demonstrated that the value placed on information depends in part on the career stage of the physician...

This paper deals with the existence of a nonconcavity in the value of information, as was first explained by Radner and Stiglitz [A nonconcavity in the value of information, in: M. Boyer, R.E. Kihlstrom (Eds.), Bayesian Models in Economic Theory, Elsevier Science Publishers, Amsterdam, 1984, pp. 33-52 (Chapter 3)]. After defining infinitesimal information distance variation IIDV, we find that IIDV = 0 is sufficient for a zero marginal value of information at the null. This is a condition only on the information structure and in particular is independent of the decision maker's preferences. This condition is tight: when IIDV > 0, there exists a payoff function for which the marginal value of information at the null is positive under general assumptions.

We investigate whether individuals’ self-stated privacy behavior is correlated with their reservation price for the disclosure of personal and potentially sensitive information. Our incentivized experiment has a unique setting: Information about choices with real implications could be immediately disclosed to an audience of fellow first semester students. Although we find a positive correlation between respondents’ willingness to accept (WTA) disclosure of their private information and their stated privacy behavior for some models, this correlation disappears when we change the specification of the privacy index. Independent of the privacy index chosen we find that the WTA is significantly influenced by individual responses to personal questions, as well as by different decisions to donate actual money, indicating that the willingness to protect private information depends on the delicacy of the information at stake.

Effective design and management of Supply Chain Networks (SCN) support the production and delivery of products at low cost, high quality, high variety, and short lead times. In this study, a SCN is designed for an automotive company by integrating various approaches. The study has been carried out in two phases: The first phase involves selecting suppliers and distributors by using Data Envelopment Analysis (DEA) and integer-programming model. In the second phase, first the priority ranking of selected suppliers and distributors is determined using the Analytical Hierarchy Process (AHP) and then these priority rankings are integrated into the transportation models developed to identify the optimal routing decisions for all members of the supply chain.

OBJECTIVES: Each year in Brazil, 42.3% of all inpatients present skin ulcers during the hospitalization period. Current clinical practice guidelines have not established a gold standard protocol of care for pressure ulcers. Thus, this study aimed to develop cost-effectiveness analysis comparing three different dressings: hydrocolloid, silver sulfadiazine 1% cream (SSD) and saline gauze (SG), under the perspective of Brazilian public hospitals. METHODS: The mean time to healing (MTH) for each protocol was obtained from systematic reviews. Data from the Brazilian Hospital Information System from January 1st to December 31st 2009 was used to define the annual number of hospital admissions due to pressure ulcers (only non-surgical records with L89 ICD-10 code were included). The model assumed that SG is the current practice in Brazilian public hospitals and patients are discharged at the time their wound heals. The difference in MHT was applied to the average length of stay (LOS) reported in the database. Resource use was estimated through expert panel and unit costs were obtained from Brazilian official price lists. RESULTS: 934 hospitalizations were identified with mean LOS of 13.72 days. Hydrocolloid and SSD would reduce the MHT in 4.72 and 2.72 days, thus reducing patients' LOS. The cost per change was estimated as 15.52BRL, 43.20BRL and 15.72BRL and the cost per protocol per patient (daily room charges and dressing changes) was 902.50BRL, 559.61BRL and 907.99BRL, for SG, hydrocolloid and SSD, respectively. Adopting hydrocolloid as wound management protocol would save Ϫ342.89BRL per patient and -BRL320,259 for the 2009 cohort. SSD projected savings was Ϫ5.49BRL per patient and -BRL5,125.79 for the entire cohort. CONCLUSIONS: Hydrocolloid dressing has shown higher efficacy when compared to SG or SSD dressings, with fewer costs. The clinical and economic incremental results between different dressings reinforce the need of evidence-based decision making and rational resource allocation.

We present an optimal portfolio problem with logarithmic utility in the following 3 cases: (i) The classical case, with complete information from the market available to the agent at all times. Mathematically this means that the portfolio process is adapted to the filtration F t of the underlying Brownian motion (or, more generally, the underlying Lévy process). (ii) The partial observation case, in which the trader has to base her portfolio choices on less information than F t . Mathematically this means that the portfolio process must be adapted to a filtration E t ⊆ F t for all t. For example, this is the case if the trader can only observe the asset prices and not the underlying Lévy process. (iii) The insider case, in which the trader has some inside information about the future of the market. This information could for example be the price of one of the assets at some future time. Mathematically this means that the portfolio process is allowed to be adapted to a filtration G t ⊇ F t for all t. In this case the associated stochastic integrals become anticipating, and it is necessary to explain what mathematical model it is appropriate to use and to clarify the corresponding anticipating stochastic calculus. We solve the problem in all these 3 cases and we compute the corresponding maximal expected logarithmic utility of the terminal wealth. Let us call these quantities V F , V E and V G , respectively. Then V F -V E represents the loss of value due the loss of information in (ii), and V G -V F is the value gained due to the inside information in (iii).

This paper discusses the Value project, which assessed the value to clinical decision-making of information supplied by National Health Service (NHS) library and information services. The project not only showed how health libraries in the United Kingdom help clinicians in decision-making but also provided quality assurance guidelines for these libraries to help make their information services more effective. The paper reviews methods and results used in previous studies of the value of health libraries, noting that methodological differences appear to affect the results. The paper also discusses aspects of user involvement, categories of clinical decision-making, the value of information to present and future clinical decisions, and the combination of quantitative and qualitative assessments of value, as applied to the Value project and the studies reviewed. The Value project also demonstrated that the value placed on information depends in part on the career stage of the physician. The paper outlines the structure of the quality assurance tool kit, which is based on the findings and methods used in the Value project.

For many real-life Bayesian networks, common knowledge dictates that the output established for the main variable of interest increases with higher values for the observable variables. We define two concepts of monotonicity to capture this type of knowledge. We say that a network is isotone in distribution if the probability distribution computed for the output variable given specific observations is stochastically dominated by any such distribution given higher-ordered observations; a network is isotone in mode if a probability distribution given higher observations has a higher mode. We show that establishing whether a network exhibits any of these properties of monotonicity is coNP PP -complete in general, and remains coNP-complete for polytrees. We present an approximate algorithm for deciding whether a network is monotone in distribution and illustrate its application to a real-life network in oncology. Invasion-wall no yes Necrosis no yes Gastro-necrosis no yes X-fistula no yes no yes CT-organs no yes Bronchoscopy no yes Lapa-diaphragm no yes CT-lungs no yes X-lungs no yes Metas-lungs no yes Fistula no yes Invasion-organs T1-2 T3-4 Endosono-wall no yes Haema-metas no yes Metas-liver no yes CT-liver no yes Lapa-liver no yes CT-truncus early late Stage no yes Metas-truncus Endosono-truncus no yes no yes Lapa-truncus no yes Endosono-loco no yes CT-loco no

The dynamics of self-confidence are modelled in an environment where rational individuals optimally choose educations and occupations with the aim to acquire productive skills while learning about ability. It is shown how the presence of uninformative options can trap individuals below their potential. Furthermore, the trade-off between probability of success and value of skills may induce uncertain individuals to acquire less productive skills on their way to ability intensive occupations. The value of information also induces uncertain individuals to delay their labor market entry. The model can explain differences in perseverance in the face of failure.

In this material we tried to address some issues relating to the rational allocation of fixed expenses, which is the elimination of complete calculation of costs of products, works or services variations in the incidence of activity. From the brief presentation of the principles, techniques and stages of specific rational allocation of fixed expenses, it appears that it has no role to change the content and methodology of determining the cost but is a means of analysis and control of costs and results. As a result of the application in practice cost calculations are highlighted inactivity and the intense activity, can be investigated causes them to take measures to improve conditions for the operation of the enterprise.

Entities have been providing quality related information to overseas wheat buyers as a response to the increased requests for this information. This study measures the value of information to Mexican millers. The value to Mexican millers is measured by the difference of the flour mill surplus and compensating variation.

When can a Bayesian select an hypothesis H and design an experiment (or a sequence of experiments) to make certain that, given the experimental outcome(s), the posterior probability of H will be greater than its prior probability? We discuss an elementary result that establishes sufficient conditions under which this reasoning to a foregone conclusion cannot occur. We illustrate how when the sufficient conditions fail, because probability is finitely but not countably additive, it may be that a Bayesian can design an experiment to lead his/her posterior probability into a foregone conclusion. The problem has a decision theoretic version in which a Bayesian might rationally pay not to see the outcome of certain cost-free experiments, which we discuss from several perspectives. Also, we relate this issue in Bayesian hypothesis testing to various concerns about "optional stopping.

In dieser Arbeit stellen wir Methoden zur Klassifikation von Gehirngewebe als tumorös oder gesund vor. Ein besonderes Augenmerk liegt dabei auf der Unterscheidung zwischen Astrozytomen und Glioblastomen im Falle tumorösen Gewebes. Diese Unterscheidung ist in sofern bedeutend, als dass sie große Auswirkungen auf die Prognose und die spätere Therapie des Patienten hat. Wir haben drei verschiedene Ansätze zur Lösung dieser Aufgabe verglichen, im einzelnen sind das die lineare Diskriminanzanalyse (LDA), Supportvektormaschinen (SVM) und künstliche neuronale Netwerke (ANN). Die Klassifikation wurde basierend auf den relativen Konzentrationen der wichtigsten Metaboliten des Gehirns im betreffenden Gewebe durchgeführt, welche mit Hilfe einer Protonenresonanzspektroskopie mit kurzer Echozeit bestimmt wurden. Wir konnten sehr zufriedenstellende Resultate erzielen mit nahezu 100% korrekten Entscheidungen zwischen tumorösem und gesundem Gewebe und etwa 90% korrekten Entscheidungen zwischen Astrozytomen und Glioblastomen.

Furthermore in the second paper, Mohammad Ali outlines the establishment of reliable rules through the use of deduction logic method to provide a method of distinguishing functions and process. As a result, the proposed fl owchart to distinguish types of concept in terms of meaning and usage has been used to make explicit external mechanisms such as context and perspectives so as to build more consistent understanding of the relationships between our thoughts and how things actually work. Th e third paper, written by Chi-Sung In, In-Il Namkung, and Chang-Taek Hyun, provide the constructionoriented integrated-function analysis with the function integration (FI) and hierarchical value engineering concept modules (HVECM) technique, which can be sequentially adapted as the defi nable features of functions. Th ey argue that the results of the analysis centered on FI can be used to maintain the continuity of the idea creation phase linked by function analysis in the VE workshop project.

Two analytical tools which aid decision making in flood control design, ex-post analysis and the value of information, are presented for the case study of Rushford, Minnesota. The ex-post analysis is conducted using a coincident frequency analysis of stream flow. A value of information model is formulated and estimated incorporating discounting for project destruction. The results suggest that the accuracy of the hydrological information is paramount in flood control decision making.

The concept of value of information (VoI) enables quantification of the benefits provided by structural health monitoring (SHM) systems – in principle. Its implementation is challenging, as it requires an explicit modelling of the structural system’s life cycle, in particular of the decisions that are taken based on the SHM information. In this paper, we approach the VoI analysis through an influence diagram (ID), which supports the modelling process. We provide a simple example for illustration and discuss challenges associated with real-life implementation.

Las últimas palabras que escribo en esta tesis son para todas esas personas con las que he compartido esta estapa tan importante de mi vida. Una etapa llena de aventuras, alegrías y porqué no, también algunos momentos difíciles. Pero sobre todo, una etapa de descubrimiento y crecimiento personal. En primer lugar me gustaría darles las gracias a mis directores, Simone Alfarano y Eva Camacho Cuena. Gracias por darme la oportunidad de trabajar con vosotros, por vuestros consejos y por transmitirme la pasión por investigar. Por todo lo que he aprendido de vosotros. Vuestro apoyo y confianza me han llevado a descubrir mundo y conocerme un poco más a mí misma. También agradecer a Andrea Morone su participación en esta tesis e invitarme a pasar unos días en la Università Aldo Moro di Bari. I am grateful to Prof. Cars Hommes and other members of Center for Nonlinear Dynamics in Economics and Finance (CeNDEF) for their hospitality during my research visit at the University of Amsterdam in 2017. I would also thank Prof. Douglas D. Davis for allowing me to visit the Commonwealth University in 2018. Thanks for his kindness and advice, and his colleagues from the VCU. Specially, I would like to thank John Lightle for his friendship and the great moments shared with him. I hope our roads cross again. Me gustaría dar la gracias a los miembros del departamento de Economía de la Universitat Jaume I por el buen ambiente, los consejos y las palabras de ánimo sobre todo durante el final de esta etapa. En especial, quiero dar las gracias a mis compañeros y amigos con quienes he compartido cada día de estos años: Isabel, Lidia,

Information search has become increasingly more efficient and manageable for consumers through the development of the Internet. This has also impacted the way consumers search for information and how the search affects purchasing decisions. The purpose of this research is to examine the way consumers use hedonic and utilitarian information search to search for electronic word-of-mouth (eWOM) and how this affects their web browsing habits. This is reflected upon the purchase value of over 1600 travel agency customers using factor and cluster analysis as statistical analysis methods. The findings suggest that hedonic and utilitarian information search as well as websites should be considered to contain a dimension including both types of information. Additionally, distinctive customer segments were found that can be used by companies in the travel industry to create targeted marketing programs.

Master's Thesis 13.6.2011 Sakari Nurmikko Information search has become increasingly more efficient and manageable for consumers through the development of the Internet. This has also impacted the way consumers search for information and how the search affects purchasing decisions. The purpose of this research is to examine the way consumers use hedonic and utilitarian information search to search for electronic word-of-mouth (eWOM) and how this affects their web browsing habits. This is reflected upon the purchase value of over 1600 travel agency customers using factor and cluster analysis as statistical analysis methods. The findings suggest that hedonic and utilitarian information search as well as websites should be considered to contain a dimension including both types of information. Additionally, distinctive customer segments were found that can be used by companies in the travel industry to create targeted marketing programs.

Time and knowledge have tended to be conceptualised in conventional knowledge management systems as either 'timeless' recordings of procedures, or time-stamped records of past events and states. The concept of temporal convergence was previously developed to help apply knowledge-management theory to complex military processes such as commander's intent, shared situation awareness, and selfsynchronisation. This paper clarifies the concept and introduces several others in forming a framework to assist discussion and exploration of the types of knowledge required for complex endeavours, such as warfighting, characterised by opposition and uncertainty. The approach is grounded in a pragmatist philosophy and constructivist epistemology. Argument proceeds along mathematical lines from a basis that the types of knowledge most valuable to goal-directed agents in uncertain environments can be modelled as directed graph topologies. The framework is shown to be useful in describing and reasoning about the knowledge requirements and prerequisites for distributed decision-making through the sharing of situational knowledge and common intentions, with practical application to the planning and execution of operations. To the designers of knowledge management systems seeking to address this space, it presents a challenge that cannot be addressed merely by construction, storage, search and retrieval of documents and records pertaining to the past.

Infrastructure rehabilitation comprises remedial and prevention measures; however, preventing failure is not always possible, and direct investigations to find evidence of failure are challenging. Urban buried pipes are among the infrastructure that needs recurrent remedial actions. At this point, it is important to raise the question of what the appropriate strategy to locate or rehabilitate leakage is. This paper aims to implement and evaluate a Bayesian decision model for the maintenance planning of a water network. This includes the treatment of uncertainties in the evaluation of the best decision in a short-term perspective. To this end, a utility-based optimization routine based on the Bayesian theory has been used. The proposed model, due to its simplicity, can facilitate the initial problem-structuring in the process of decision-making under uncertainty. The model has been demonstrated on a water distribution network in Sweden, optimizing the decisions for locating and rehabilitating leakages. The results show that the cost of interventions and probabilities of leakages has a significant influence on the most appropriate decision.

This paper proposes a framework for the planning of the structural integrity and risk management (SIRM) of offshore structures by utilizing the value of information and action (VoIA) analysis. Multiple structural health information sources, i.e. inspections, structural health monitoring (SHM) and damage detection systems (DDS), are modeled in dependency of the information acquirement state. In the probabilistic modeling, it is distinguished whether the information are predicted or already obtained. Two deteriorating structural system modeling approaches are illustrated and the pre-posterior and posterior updating of the structural system performance is formulated. To enhance the efficiency of the analysis of complex structural systems, a response surface method for load modeling is derived and the model uncertainty of the response surface is explicitly modeled. The formulated approaches are applied to a generic structural system and a typical deepwater jacket platform analyzing four SIRM scenarios. The optimal SIRM strategy is identified by maximizing the VoIA. The results show that the implementation of SIRM can reduce the failure risks and the expected total costs over the service life compared to a scenario without SIRM. It is also observed that information from SHM and DDS can reduce future inspection efforts and enhance the value of SIRM.

Knowing the spatial scales at which effective management can be implemented is fundamental for conservation planning. This is especially important for mobile species, which can be exposed to threats across large areas, but the space use requirements of different species can vary to an extent that might render some management approaches inefficient. Here the space use patterns of seabirds were examined to provide guidance on whether conservation management approaches should be tailored for taxonomic groups with different movement characteristics. Seabird tracking data were synthesised from 5419 adult breeding individuals of 52 species in ten families that were collected in the Atlantic Ocean basin between 1998 and 2017. Two key aspects of spatial distribution were quantified, namely how far seabirds ranged from their colony, and to what extent individuals from the same colony used the same areas at sea. There was evidence for substantial differences in patterns of space-use among the ten studied seabird families, indicating that several alternative conservation management approaches are needed. Several species exhibited large foraging ranges and little aggregation at sea, indicating that area-based conservation solutions would have to be extremely large to adequately protect such species. The results highlight that short-ranging and aggregating species such as cormorants, auks, some penguins, and gulls would benefit from conservation approaches at relatively small spatial scales during their breeding season. However, improved regulation of fisheries, bycatch, pollution and other threats over large spatial scales will be needed for wide-ranging and dispersed species such as albatrosses, petrels, storm petrels and frigatebirds.

O artigo discute a retomada do debate sobre a reforma administrativa no Congresso, destacando que a PEC 32/2020 permanece parada, mas a Câmara articula uma nova abordagem sob o discurso de “modernização do Estado”. O autor alerta que reformas dessa natureza devem ser amplamente debatidas com a sociedade, valorizando os servidores públicos e evitando retrocessos institucionais. Ressalta ainda que mudanças administrativas legítimas exigem não apenas alterações legais, mas principalmente estruturais e culturais.

Collaborative filtering (CF) allows the preferences of multiple users to be pooled to make recommendations regarding unseen products. We consider in this paper the problem of online and interactive CF: given the current ratings associated with a user, what queries (new ratings) would most improve the quality of the recommendations made? We cast this in terms of expected value of information (EVOI); but the online computational cost of computing optimal queries is prohibitive. We show how ofline prototyping and ...

A cooperative team's performance strongly depends on the view that the team has of the environment in which it operates. In a team with many autonomous vehicles and many sensors, there is a large volume of information available from which to create that view. However, typically communication bandwidth limitations prevent all sensor readings being shared with all other team members. This paper presents three policies for sharing information in a large team that balance the value of information against communication costs. Analytical and empirical evidence of their effectiveness is provided. The results show that using some easily obtainable probabilistic information about the team dramatically improves overall belief sharing performance. Specifically, by collectively estimating the value of a piece of information, the team can make most efficient use of its communication resources.

Inspired by the debate on the role of rating agencies in the recent financial crisis, additional to the private information we introduce an imperfect public signal. The study of the interplay between public and private information constitutes our contribution to the experimental literature on laboratory financial markets. In particular, in this paper we study the perturbation created by the introduction of a public signal on the information acquisition process and on the price efficiency in transmitting information. We conclude that the public signal might drive the market price if private information is not of good quality, leaving the financial market in "the hands" of the institution which releases the public information.

In this paper, we first consider a Bayesian frame work and model the "utility function" in terms of fuzzy random variables. On the basis of this model, we define the "prior (fuzzy) expected util ity" associated with each action, and the cor responding "posterior (fuzzy) expected utility given sample information from a random exper iment". The aim of this paper is to analyze how sample information can affect the expected util ity. In this way, by using some fuzzy preference relations, we conclude that sample information allows a decision maker to increase the expected utility on the average. The upper bound on the value of the expected utility is when the decision maker has perfect information. Applications of this work to the field of artificial intelligence are presented through two examples.

The use of load and structural performance measurement information is vital for efficient structural integrity management and for the cost of energy production with Offshore Wind Turbines (OWTs). OWTs are dynamically sensitive structures subject to an interaction with a control unit exposed to repeated cyclic wind and wave loads causing deterioration and fatigue. This study focuses on the quantification of the value of structural and environmental information on the integrity management of OWT structures, with the focus on fatigue of welded joints. By utilizing decision analysis, structural reliability methods, measurement data, as well as the cost-benefit models, a Value of Information (VoI) analysis can be performed to quantify the most beneficial measurement strategy. The VoI assessment is demonstrated for the integrity management of a butt welded joint of a monopile support structure for a 3 MW OWT with a hub height of approximately 71m. The conditional value of three-year measured oceanographic information and one-year strain monitoring information is quantified posteriori in conjunction with an inspection and repair planning. This paper provides insights on how much benefits can be achieved through structural and environmental information, with practical relevance on reliability-based maintenance of OWT structures.

In this research study, a model is developed to assess the task-technology fit of ERP enterprise resource planning (ERP) systems and the performance of individual decision makers. The ERP task-technology factors and decision quality measures were identified from a synthesis of literature and adapted for the purposes of this study. Data were collected from the ERP system users in a firm that had deployed an ERP system. The data were analyzed using factor and multiple regression analyses techniques. The results and the implications of the findings are discussed.

Prediction markets are powerful tools to elicit and aggregate beliefs from strategic agents. However, in current prediction markets, agents may exhaust the social welfare by competing to be the first to update the market. We initiate the study of the trade-off between how quickly information is aggregated by the market, and how much this information costs. We design markets to aggregate timely information from strategic agents to maximize social welfare. To this end, the market must incentivize agents to invest the correct amount of effort to acquire information: quickly enough to be useful, but not faster (and more expensively) than necessary. The market also must ensure that agents report their information truthfully and on time. We consider two settings: in the first, information is only valuable before a deadline; in the second, the value of information decreases as time passes. We use both theorems and simulations to demonstrate the mechanisms.

We introduce an automatic configuration mechanism that generates the most relevant information to be presented to limited attention users of information-rich media. It also guarantees to maximize their total expected utility from the information they receive. A computationally efficient algorithm is used to assign an index value to each information item, which then determines whether or not a given item appears in the top list presented to users at a given time.

We present a two-stage stochastic optimization model to locate pre-positioned materials for disaster relief in Brazil. Due to uncertainty both of disaster severity and media influence, they are represented as scenarios. Results show that the stochastic model generates more robust solutions, particularly when demand cannot be completely fulfilled.

This paper examines whether access to information enhances political accountability. Based upon the results of Brazil's recent anti-corruption program that randomly audits municipal expenditures of federally-transferred funds, it estimates the effects of the disclosure of local government corruption practices upon the re-election success of incumbent mayors. Comparing municipalities audited before and after the elections, we show that the audit policy reduced the incumbent's likelihood of re-election by approximately 20 percent, and was more pronounced in municipalities with radio stations. These findings highlight the value of information and the role of the media in reducing informational asymmetries in the political process.

The paper discusses the information collection and management process, taking into consideration its economic aspects. It analyzes the classification procedures for the information applied in elaborating the information systems and aims at examining ways to change the economic value. It is recommended that the design process should also include the economic value into its factors.

The paper discusses the information collection and management process, taking into consideration its economic aspects. It analyzes the classification procedures for the information applied in elaborating the information systems and aims at examining ways to change the economic value. It is recommended that the design process should also include the economic value into its factors.

This is the first in a series of three papers studying the economical worth of groundwater contaminant sampling in applications of increased complexity. This paper presents the theoretical basis for Bayesian data-worth analysis and discusses the non-spatial case with one hydraulically isolated cell of uniform and isotropic conditions. The two subsequent papers will discuss data worth in two one-dimensional models and in a two-dimensional spatial setting. The main contribution of this paper is that it provides a new theory for estimating the worth of simultaneous sampling in more than one location, which is an especially important aspect in cases of large sampling errors. Data worth depends directly on the prior probability of contamination and we compare a case in which this probability is completely known with a case in which it is known with given uncertainty. In the latter case, we show that the data worth is sensitive with respect to the selected design criteria.

Several approaches have been proposed for evaluating information in expected utility theory. Among the most popular approaches are the expected utility increase, the selling price and the buying price. While the expected utility increase and the selling price always agree in ranking information alternatives, Hazen and Sounderpandian have demonstrated that the buying price may not always agree with the other two. That is, in some cases, where the expected utility increase would value information A more highly than information B, the buying price may reverse these preferences. In this paper, we discuss the conditions under which all these approaches agree in a generic decision environment where the decision maker may choose to acquire arbitrary information bundles.