Abstract
Methods from formal decision theory provide means of addressing environmental health risk management problems. In this report, we discuss the decision theory concept of the ``value of perfect information.`` We illustrate its application to the quantification of upper bounds on data worth, as well as its use as a means of exploring the sensitivity of a decision to uncertainty. We also discuss potential applications of these methods to the types of decisions required under the Comprehensive Environmental Response, Compensation and Liabilities Act (CERCLA) when considering remedial alternatives.
| Original language | English |
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| Title of host publication | The value of perfect information: How much is a crystal ball worth? |
| State | Published - 1994 |
| Event | Cost efficient acquisition and utilization of data in the management of hazardous waste sites - Herndon, United States Duration: Mar 23 1994 → Mar 25 1994 |
Conference
| Conference | Cost efficient acquisition and utilization of data in the management of hazardous waste sites |
|---|---|
| Country/Territory | United States |
| City | Herndon |
| Period | 03/23/94 → 03/25/94 |