How much is new information worth? Evaluating the financial benefit of resolving management uncertainty
Conservation decision‐makers face a trade‐off between spending limited funds on direct management action, or gaining new information in an attempt to improve management performance in the future. Value‐of‐information analysis can help to resolve this trade‐off by evaluating how much management performance could improve if new information was gained. Value‐of‐information analysis has been used extensively in other disciplines, but there are only a few examples where it has informed conservation planning, none of which have used it to evaluate the financial value of gaining new information.
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