4.4 Article

Monitoring as a partially observable decision problem

Journal

RESOURCE AND ENERGY ECONOMICS
Volume 37, Issue -, Pages 226-241

Publisher

ELSEVIER SCIENCE BV
DOI: 10.1016/j.reseneeco.2013.12.005

Keywords

Environmental monitoring; Dynamic programming; Partial observability; Value of information; POMDP

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Monitoring is an important and costly activity in resource management problems such as containing invasive species, protecting endangered species, preventing soil erosion, and regulating contracts for environmental services. Recent studies have viewed optimal monitoring as a Partially Observable Markov Decision Process (POMDP), which provides a framework for sequential decision making under stochastic resource dynamics and uncertainty about the resource state. We present an overview of the POMDP framework and its applications to resource monitoring. We discuss the concept of the information content provided by monitoring systems and illustrate how information content affects optimal monitoring strategies. Finally, we demonstrate how the timing of monitoring in relation to resource treatment and transition can have substantial effects on optimal monitoring strategies. (C) 2014 Elsevier B.V. All rights reserved.

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