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The Value of Scientific Information—An Overview

Open-File Report 2023-1011
By: , , and 
https://doi.org/10.3133/ofr20231011

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Introduction

The U.S. Geological Survey (USGS) provides reliable science, data, information, and models (hereafter collectively referred to as “information”) to describe and understand the Earth. This information is used to minimize loss of life and property from natural disasters; manage water, biological, energy, and mineral resources; and enhance and protect quality of life. USGS science informs public and private decisions, operations, and risk management in all major United States economic sectors, as defined by the Bureau of Economic Analysis, and provides critical information for natural resource and natural hazard management and stewardship decisions. Understanding the value of scientific information supports applications of USGS science in land- and water-management decisions, and better informs the public about the return on investment of USGS programs. USGS economists, social scientists, and physical scientists are engaged in collaborative efforts to advance methods to estimate the value of information (VOI) produced by the USGS. These efforts involve collaborating with an international community to develop and refine estimation methods, establish best practices to determine VOI, develop a study repository, and conduct projects to assess the VOI of specific information products and their application. This report focuses on economic valuation conducted by USGS specifically, although the methodology has much broader applicability within the U.S. government, academia, and beyond. Noneconomic valuation techniques for assessing the VOI also exist but are not addressed in this report.

Suggested Citation

Pindilli, E., Chiavacci, S., and Straub, C., 2023, The value of scientific information—An overview: U.S. Geological Survey Open-File Report 2023–1011, 5 p., https://doi.org/10.3133/ofr20231011.

ISSN: 2331-1258 (online)

Table of Contents

  • Introduction
  • Theory Behind VOI
  • Methods Used to Estimate VOI
  • Conclusions and Future Directions
  • References Cited
Publication type Report
Publication Subtype USGS Numbered Series
Title The value of scientific information — An overview
Series title Open-File Report
Series number 2023-1011
DOI 10.3133/ofr20231011
Year Published 2023
Language English
Publisher U.S. Geological Survey
Publisher location Reston, VA
Contributing office(s) Science and Decisions Center
Description iii, 5 p.
Online Only (Y/N) Y
Additional Online Files (Y/N) N
Google Analytic Metrics Metrics page
Additional publication details