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ISPRS Int. J. Geo-Inf. 2015, 4(3), 1142-1165; doi:10.3390/ijgi4031142

Economic Assessment of the Use Value of Geospatial Information

1
Department of Economics, University of New Mexico, Albuquerque, NM 87131-0001, USA
2
Science and Decisions Center, United States Geological Survey, 12201 Sunrise Valley Drive, Mail Stop 913, Reston, VA 20192-0002, USA
*
Author to whom correspondence should be addressed.
Academic Editors: Suchith Anand, Serena Coetzee, Barend Kobben and Wolfgang Kainz
Received: 30 January 2015 / Revised: 18 June 2015 / Accepted: 24 June 2015 / Published: 9 July 2015
(This article belongs to the Special Issue Open Geospatial Science and Applications)
View Full-Text   |   Download PDF [1569 KB, uploaded 9 July 2015]   |  

Abstract

Geospatial data inform decision makers. An economic model that involves application of spatial and temporal scientific, technical, and economic data in decision making is described. The value of information (VOI) contained in geospatial data is the difference between the net benefits (in present value terms) of a decision with and without the information. A range of technologies is used to collect and distribute geospatial data. These technical activities are linked to examples that show how the data can be applied in decision making, which is a cultural activity. The economic model for assessing the VOI in geospatial data for decision making is applied to three examples: (1) a retrospective model about environmental regulation of agrochemicals; (2) a prospective model about the impact and mitigation of earthquakes in urban areas; and (3) a prospective model about developing private–public geospatial information for an ecosystem services market. Each example demonstrates the potential value of geospatial information in a decision with uncertain information. View Full-Text
Keywords: geospatial information; economics; economic impacts; open access; value of information; technological innovation; benefits and costs geospatial information; economics; economic impacts; open access; value of information; technological innovation; benefits and costs
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This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. (CC BY 4.0).

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Bernknopf, R.; Shapiro, C. Economic Assessment of the Use Value of Geospatial Information. ISPRS Int. J. Geo-Inf. 2015, 4, 1142-1165.

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