2022
DOI: 10.1007/s11053-022-10030-1
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Efficacy of Information in Mineral Exploration Drilling

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Cited by 11 publications
(7 citation statements)
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References 34 publications
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“…The idea of VOI was applied and developed in works such as Liu et al (2012) to the remediation of groundwater sites, Trainor-Guitton et al ( 2013) to monitor the detection of CO 2 leaks, Nenna and Knight (2014) to evaluate the benefits of acquiring geophysical data as part of a groundwater management strategy, and a geophysical perspective on VOI is presented by Trainor-Guitton (2014). In addition, a new concept called efficacy of information (EOI), which is similar to VOI but without financial rewards or costs, was recently introduced by Caers et al (2022). Our approach does not take into account the financial or logistical costs of the experiment, but instead focuses on the information gain from the experiment; however, decision-theoretic metrics can easily be incorporated into our framework into a VOI or EOI framework, because information gain is the first stage of the VOI framework.…”
Section: Discussionmentioning
confidence: 99%
See 1 more Smart Citation
“…The idea of VOI was applied and developed in works such as Liu et al (2012) to the remediation of groundwater sites, Trainor-Guitton et al ( 2013) to monitor the detection of CO 2 leaks, Nenna and Knight (2014) to evaluate the benefits of acquiring geophysical data as part of a groundwater management strategy, and a geophysical perspective on VOI is presented by Trainor-Guitton (2014). In addition, a new concept called efficacy of information (EOI), which is similar to VOI but without financial rewards or costs, was recently introduced by Caers et al (2022). Our approach does not take into account the financial or logistical costs of the experiment, but instead focuses on the information gain from the experiment; however, decision-theoretic metrics can easily be incorporated into our framework into a VOI or EOI framework, because information gain is the first stage of the VOI framework.…”
Section: Discussionmentioning
confidence: 99%
“…In addition, a new concept called efficacy of information (EOI), which is similar to VOI but without financial rewards or costs, was recently introduced by Caers et al. (2022). Our approach does not take into account the financial or logistical costs of the experiment, but instead focuses on the information gain from the experiment; however, decision‐theoretic metrics can easily be incorporated into our framework into a VOI or EOI framework, because information gain is the first stage of the VOI framework.…”
Section: Discussionmentioning
confidence: 99%
“…Optimal placement of drill holes for mineral exploration and mining (resource delineation) has received significant attention. Some methodologies aim to minimize the uncertainty in spatial properties through use of geostatistical algorithms that model the effect of measured data on spatial uncertainty (Pilger et al, 2001;Koppe et al, 2011Koppe et al, , 2017Caers et al, 2022;Hall et al, 2022). Others rely on decision theoretic concepts of value of information to quantify the dollar value of gathered information to reduce uncertainty in an economic property of interest (Froyland et al, 2004;Eidsvik and Ellefmo, 2013;Soltani-Mohammadi and Hezarkhani, 2013).…”
Section: Introductionmentioning
confidence: 99%
“…The investigation of the earth's subsurface to a large extent; can only be done through drilling before the coming of geophysics. The drilling process is time-consuming, highly expensive, tedious, and destructive [1,2,3]. However, geophysics investigation by drilling appears more certain and accurate, but it is highly limited because it can only provide subsurface information at a discrete location, and it is highly restricted to a certain terrain [4,5,6,1].…”
Section: Introductionmentioning
confidence: 99%