Shaping value of information to real world conditions in water decision making

Value of information is a widely used framework for evaluating the benefits of further data collection, typically using expected value theory. This framework has, however, seen limited application in water decision making, both because of lack of awareness of its utility and the limitations imposed by the assumptions it makes. This project seeks to 1) identify cases where value of information ideas have already been used in practice, 2) formally express those decision problems in a mathematical formulation, 3) seek to develop and apply alternative mathematical formulations of value of information that reflect the treatment of uncertainty on the ground. Experience with decision theory or operations research is desirable but not essential.