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The Potential Value of Information and Data
Working Group at Santa Fe Institute

April 2-3, 2024
 

Meeting Summary

This Working Group focused on assessing the potential value of information and data in complex systems, utilizing information theory and information-theoretic inference. Key questions addressed include:

  1. Can information theory be used for developing new tools for evaluating the full potential, and potential value, of datasets and the information stored in these data?
  2. How, if possible, can information theory be extended to account for the information embedded in the data?
  3. Should the potential value measure be independent of the inferential approach used?
  4. How can we measure the value or potential value of a model, considering the information required for its construction?

The Working Group discussed the relative concept of value, emphasizing recent interest in the philosophy of information and its impact on real-world applications. Theoretical advances in these directions will have a substantial impact on a wide range of real-world applications. Methodological and technical advances will assist policy and decision makers, and will have a direct impact on private and public agencies that produce data for public and private use and research. For scientists the formulation of such a (relative) potential value will provide an additional tool to evaluate the information used — and needed — in modeling and inference. 

For more information, visit Santa Fe Institute webpage.

Organizers

Amos Golan, Info-Metris and Economics, American University and SFI (External)

John Harte, Ecosystem Sciences, ERG/ESPMUC Berkeley and SFI (External)

Min Chen, Department of Engineering Science, U Oxford (Fellow, Pembroke College)

Participants