Fundamentals of the Value of Information w/ Reference to Climate Uncertainty. Gary Yohe
Gary Yohe of Wesleyan University explains how the value of information regarding projections of climate sensitivity depends on:
1. what the decisions are to be made about and for whom, 2. the character of the decision space (states of nature, irreversibility, persistence, etc.), 3. decisions based on the range of “states of nature” and “their distributions”, 4. decision makers prior assumptions about those distributions, 5. decision makers’ attitudes (averstion) towards risk, 6. timing of the decision.