The value of scientific information — An overview

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.